The new SEC administration has closed many ongoing lawsuits and investigations, including the Coinbase case.
Just when the SEC case was thought to be over, the Oregon Attorney General’s Office, which stated that the SEC would continue where it left off, filed a new lawsuit against Coinbase.
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The Oregon Attorney General’s Office targeted 31 cryptocurrencies, including XRP and Cardano (ADA), while alleging that Coinbase sold securities in this case.
Justin Slaughter, a senior manager at cryptocurrency investment firm Paradigm, shared a screenshot of the petition regarding the lawsuit filed by the Oregon Attorney General’s Office against Coinbase.
Fox Business reporter Eleanor Terrett also cited the post, stating that the Oregon Attorney General’s Office alleged that 31 altcoins, including XRP, Solana (SOL), Chainlink (LINK), Uniswap (UNI), and AAVE, were securities and were sold.
This classification in the lawsuit filed by the Oregon Attorney General’s Office goes beyond the 13 altcoins previously claimed by the SEC as securities.
The lawsuit also alleges that Coinbase participated in or substantially facilitated the purchase or sale of unregistered securities to customers in Oregon.
Coinbase Chief Legal Officer Paul Grewal criticized the Oregon Attorney General for filing a lawsuit on behalf of over 500,000 users without their consent, saying the lawsuit could affect not just Coinbase but the entire crypto industry.
The SEC previously labeled 13 cryptocurrencies listed on Coinbase as securities in the now-closed case, including MATIC, SOL, and ADA. The SEC did not mention XRP as a security because it was not listed on Coinbase at the time. However, Coinbase relisted XRP in July 2023, shortly after a New York federal court ruled that XRP was not a security per se.
*This is not investment advice.