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Replies to post #42822 on Ripple (XRPUSD)
Oregon’s Attorney General (AG) has listed XRP and 30 other cryptocurrencies as alleged “unregistered securities” in its state-level complaint against Coinbase. The lawsuit follows the Securities and Exchange Commission (SEC)’s decision to drop its case against the crypto exchange, which has led industry figures and investors to call the move an unlawful and “politically motivated” action.
XRP, SOL, And ADA Called ‘Unregistered Securities’
Oregon Attorney General Dan Rayfield filed a complaint against Coinbase on April 18, alleging the US-based crypto exchange had violated the Oregon securities law by facilitating the sale of unregistered cryptocurrencies to the state’s residents.
The court document, filed in in Multnomah County Circuit Court, states that the crypto exchange “has continuously and repeatedly violated the Oregon Securities Law, which ascribes liability to persons ´who [s]ell[] or successfully solicit[] the sale of a security … in violation of the Oregon Securities Law’ (ORS 59.115(1)(a)), as well as to persons who ‘participate[] or materially aid[] in the sale’ (ORS 59.115(3)).”
On Monday, Paradigm’s Vice President of Regulatory Affairs, Justin Slaughter, highlighted that the Oregon AG’s complaint is a “true kitchen sink lawsuit,” covering significantly more tokens than the Securities and Exchange Commission (SEC)’s case.
The lawsuit claims that the crypto exchange offered and sold 31 cryptocurrencies as investment contracts. The list of alleged “unregistered securities” includes AAVE, ADA, ALGO, AMP, APE, ATOM, AVAX, AXS, CHZ, COMP, DASH, DDX, EOS, FIL, FLOW, ICP, LCX, LINK, MATIC, MIR, MKR, NEAR, POWR, RLY, SAND, SOL, UNI, VGX, WLUNA, XRP, and XYO.
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