As noted by Justin Slaughter, the VP of regulatory affairs at Paradigm, the Ripple-linked XRP cryptocurrency was named as an unregistered security alongside a slew of other tokens in a recent lawsuit against cryptocurrency exchange giant Coinbase by Oregon Attorney General Dan Rayfield.
In its statement, Coinbase argued that the Oregon AG was attempting to revive regulation by enforcement, accusing Rayfield of refusing to face reality and slamming the lawsuit as “meritless.”
The classification of XRP as a “crypto security” comes despite the fact that the token already has regulatory clarity.
It is worth noting that a federal judge concluded that XRP was not a security when sold to retail investors on public exchanges back in 2023.
The SEC ended up dropping its appeal earlier this year following the departure of former Chair Gary Gensler.