In a most spirited assault upon Coinbase, the good State of Oregon hath revived the tiresome disputes of regulation, casting aspersions upon XRP and thirty other tokens, branding them as unregistered securities in a lawsuit broad as the imaginations of its authors.
Coinbase, Pray, What Have You Done to Offend the State?
It appears that the regulators of Oregon, finding themselves with naught else to occupy their time, have taken to scrutinizing crypto trading with a vigour akin to a lady inspecting her guests for proper decorum. They do assert, with no small degree of confidence, that Coinbase hath permitted trading in an assortment of tokens that, to the State’s fancy, are but unregistered securities masquerading as investment opportunities. Surely, a most undignified accusation.
The complaint, filed with great solemnity, declares in no uncertain terms that the Coinbase Platform and its Prime service have been bustling bazaars for such tokens, allowing the gentlefolk of Oregon to buy and sell with wild abandon. Amongst the tokens thus accused—thirty-one in number, no less—stand familiars like UNI, AAVE, FLOW, LINK, MKR, and even the oft-discussed XRP.
“This complaint doth doth cover far more tokens than even the SEC complaint dared, being a veritable kitchen sink lawsuit,” quoth Justin Slaughter, a gentleman versed in such matters, his commentary adding much seasoning to the gossip of the day.
The legal text continues in its ambition: Coinbase is charged with violating the laws of securities by enabling the trading of investments without proper registration. The accusation states, with all the gravity of a governess discovering mischief, that these crypto assets are indeed “offered and sold as investment contracts, and thus as securities.”
Further are the allegations that Coinbase “participated or materially aided” in this financial mischief, allowing transactions to proceed ‘cross-platform with great consistency in price,’ as though each token knew its precise and proper place in this chaotic dance.
Amongst the tokens detailed in the complaint, the exhaustive list sounds like the roll call of a particularly troublesome assembly: 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. One wonders whether any token not mentioned might smugly avoid such indignity.
Interestingly, the esteemed Securities and Exchange Commission, having tossed aside their old grievances against Coinbase and Ripple Labs, seem to have retired from this particular fray, leaving the States to joust among themselves. Their suit against Coinbase was dismissed last year without a penalty, and Ripple’s long legal wrangle with the SEC ended in a partial victory in 2023, leading to a timely drop of appeals by March 2025.
With the States now engaged in their own brand of crypto crusades, the industry whispers for a uniform federal law—lest the market become a veritable Tower of Babel, where innovation is confounded by conflicting edicts and fractured rulebooks.
One can only watch and marvel, as the dance of regulation continues, tokens trembling and exchanges sighing, all under the stern gaze of Lady Justice. 💼💸
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2025-04-25 03:57