Oregon Sues Coinbase Over Ripple (XRP) – This Time It’s Not the SEC! 😱

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TL;DR

  • Oregon’s Attorney General slaps Ripple’s XRP with a lawsuit against Coinbase.
  • Bill Morgan and legal experts call it “utter nonsense” – as if we didn’t see this coming!

Another Ripple-Effect Drama

Oh, Ripple – always the darling of drama. Just when we thought it was getting some respite, it finds itself splashed all over the headlines once again. This time, the company’s cross-border wonder token, XRP, has been tossed into a lawsuit, courtesy of Oregon’s Attorney General. Apparently, this lawsuit is against Coinbase, for being a naughty exchange.

In this legal romp, Oregon’s AG claims that XRP, along with SOL, ADA, LINK, UNI, and a few others, were being offered up as “crypto securities.” Fancy term, isn’t it? These assets, allegedly, were flaunting their *investment contracts* on Coinbase’s stage. The plot thickens, doesn’t it?

But wait, there’s more! The legal world wasn’t exactly nodding along with Oregon’s fine piece of litigation. Bill Morgan, the Sherlock Holmes of crypto law, was quick to take a jab at the situation. He pointed out that the AG conveniently forgot about Coinbase’s little act of *delisting* XRP back in December 2020 after the SEC decided to serve Ripple with a hefty lawsuit.

Coinbase, though, wasn’t one to remain in the legal shadows. Come summer 2023, the exchange gave XRP a second chance to dance on its platform, following a court ruling that decided secondary XRP sales weren’t quite the same as *investment contracts* (take that, SEC).

“No one could have the imagination to make up this dystopian nonsense,” said Morgan, rolling his eyes from the comfort of his legal chair.

And let’s not forget that Coinbase already had its own tango with the SEC. Nearly two years ago, the SEC came at Coinbase with a 101-page lawsuit, accusing the exchange of letting some coins, including SOL, ADA, and MATIC, skip through the Howey Test and onto the trading floor. Yet, XRP wasn’t in the mix. Funny how that works, isn’t it? 🤔

While the SEC and Coinbase have kissed and made up (for now), the case against Ripple, the *crown jewel* of crypto lawsuits, is still languishing in the courts, waiting for that sweet resolution. One can only wonder if it’s ever going to come to a satisfying conclusion…

Ripple v. SEC – The Saga Continues

Ah, but hope springs eternal! Ripple’s CEO, Brad Garlinghouse, announced a major victory last month, revealing that the SEC is withdrawing its latest appeal, thus giving us a taste of the sweet, sweet end of a four-year-long legal battle. Of course, this was confirmed by Ripple’s Chief Legal Officer, Stuart Alderoty, who probably had a celebratory drink after that announcement. 🍹

Naturally, the Ripple community erupted into cheers, convinced that the battle was over. But hold your horses – it’s not quite history just yet. There are still a few more legal hoops to jump through before the confetti falls.

Just this month, Ripple and the SEC filed a joint motion, requesting a pause on their individual appeals. The US Court of Appeals for the Second Circuit, probably enjoying the show, granted the submission. It’s getting closer, but not quite done, my friends. Meanwhile, James Filan, the legal eagle, pointed out that the SEC has 60 days to submit a status report on this matter.

So, yes, the end of this saga is on the horizon. But don’t get too excited – analysts say that by now, the market has already factored in the outcome. XRP might just continue its *cryptic* journey, with or without a final verdict.

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2025-04-22 12:36