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Tyler Winklevoss calls for Oregon AG removal over Coinbase lawsuit

Tyler Winklevoss calls for Oregon AG removal over Coinbase lawsuit
Winklevoss contends that this legal action contradicts a federal court ruling

​Tyler Winklevoss, co-founder of the cryptocurrency exchange Gemini, has publicly criticized Oregon Attorney General Dan Rayfield following the state's lawsuit against Coinbase. 

The lawsuit, filed on April 18, alleges that XRP and other digital assets offered by Coinbase are unregistered securities under Oregon law. Winklevoss contends that this legal action contradicts a recent federal court ruling that determined XRP is not a security.​

In a post on social media platform X (formerly Twitter), Winklevoss stated, "Maybe Oregon’s AG didn’t get the memo. A U.S. Federal judge already ruled that XRP is NOT a security. Impeach this clown for wasting taxpayer money and blatantly defying the law."​  

Oregon's legal action against Coinbase

Oregon's lawsuit against Coinbase claims XRP is an unregistered security, despite a federal ruling to the contrary.

The Oregon Department of Justice initiated the lawsuit as part of an effort to fill what it perceives as a regulatory gap left by federal agencies. The department emphasized that federal regulators under the Trump administration had abandoned cases related to crypto regulation, prompting state governments like Oregon's to take independent action. The lawsuit specifically targets Coinbase for allegedly violating Oregon's securities laws by listing XRP and other digital assets without proper registration.​

Industry response and criticism

The lawsuit has sparked significant backlash within the cryptocurrency industry. Paul Grewal, Coinbase's Chief Legal Officer, expressed strong opposition, describing the arguments used in the lawsuit as outdated. He argued that the legal action mirrors previous efforts by the SEC under former Chairman Gary Gensler, which have been largely debunked in court. Grewal emphasized that Coinbase is prepared to defend itself against the lawsuit, which he considers to have no merit.​

The legal confrontation between Oregon's Attorney General and Coinbase over the classification of XRP has ignited a broader debate about state versus federal jurisdiction in cryptocurrency regulation. As the case unfolds, it may set significant precedents for how digital assets are regulated across different levels of government.​

We also reported earlier that Ripple responds to XRPL library breach with security patch.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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