Regulators in Oregon have intensified their scrutiny of crypto trading, with state authorities directly accusing Coinbase of enabling the unlawful trading of numerous digital assets. In a recently filed legal complaint, Oregon officials allege that the crypto exchange’s main trading platform and its Prime service allowed users in the state to buy and sell dozens of tokens that the state considers unregistered securities.
The filing names 31 crypto tokens, triggering commentary from crypto policy experts due to its sweeping scope. Justin Slaughter, vice president of regulatory affairs at Paradigm and a former senior adviser to the U.S. Securities and Exchange Commission (SEC) and chief policy adviser at the Commodity Futures Trading Commission (CFTC), highlighted the breadth of the case. He stated on social media platform X on April 21:
The Oregon AG suit … actually covers many more tokens than the SEC complaint did, with 31 tokens claimed to be unregistered securities, including UNI, AAVE, FLOW, LINK, MKR, and even XRP. It’s a true kitchen sink lawsuit.
The legal complaint asserts that Coinbase violated state securities laws by offering and facilitating the trading of these tokens without proper registration. According to the filing, “Coinbase—through the Coinbase Platform and Prime—has made available for trading in Oregon crypto assets that are offered and sold as investment contracts, and thus as securities.”
It further alleges: “Coinbase has participated or materially aided in the purchase or sale of unregistered crypto securities by Oregon customers.” These assets were allegedly bought and sold for U.S. dollars, other fiat currencies, and cryptocurrencies, with consistent pricing across platforms. As described in the complaint: “Each unit of a particular crypto asset on the Coinbase Platform, or made available through Prime, including but not limited to each of the crypto securities, trades at the same price as another unit of that same asset.”
The Oregon complaint includes a detailed list of tokens that Oregon considers to be unregistered securities. It states:
This includes, but is not limited to, the units of each of the crypto securities further described below with trading symbols 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 (the ‘crypto securities’).
The SEC has dropped its lawsuits against both Coinbase and Ripple Labs, signaling a shift in regulatory approach under the Trump administration. The SEC’s case against Coinbase, initiated in June 2023 over allegations of operating as an unregistered securities exchange, was dismissed without any fines or changes to Coinbase’s business model. Similarly, the long-standing lawsuit against Ripple, which began in December 2020 and centered on the classification of XRP as an unregistered security, was concluded in March 2025, with the SEC dropping its appeal following a partial court victory for Ripple in 2023
As state-level actions increasingly target crypto firms, many in the industry are calling for consistent federal legislation to avoid a fragmented regulatory landscape that could hinder innovation and growth.
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