The Oregon Justice Department has recently filed a Coinbase lawsuit, sparking widespread attention and criticism. In a sharp rebuke, XRP lawyer Bill Morgan slammed Oregon’s XRP complaint on Coinbase as “dystopian nonsense,” highlighting the state’s apparent disregard for previous judicial decisions on token’s status.
This article studies the details of the department’s allegations against Coinbase and the XRP lawyer’s disagreement with the department’s claims.
XRP Lawyer Criticizes Oregon’s Coinbase Lawsuit: Know More
In a recent X post, XRP attorney Bill Morgan drew attention to the inconsistencies in the latest Coinbase lawsuit filed by the Oregon Justice Department. The department, led by Attorney General Dan Rayfield, alleged that Coinbase, a top crypto exchange, breached its state financial rules by offering unregistered securities, including XRP.
Vehemently opposing Oregon’s arguments, Bill Morgan highlighted the XRP lawsuit updates since 2020. Emphasizing Judge Analisa Torres’ ruling that XRP is a non-security, the lawyer dismissed Oregon AG’s allegations as “dystopian nonsense.”
Oregon AG’s XRP Complaint Against Coinbase
In the latest development, the Oregon department filed a lawsuit against Coinbase. According to Coinbase, Oregon AG Rayfield’s lawsuit is an act of ‘resurrecting the dead.’ The same allegation of offering unregistered securities that the US SEC previously dropped against Coinbase with prejudice is now being pursued by AG Rayfield in the suit.
Why Is Coinbase Lawsuit Illogical?
Notably, XRP lawyer Bill Morgan highlights two reasons to conclude that the Coinbase lawsuit is illogical.
Firstly, Coinbase hadn’t sold XRP on its trading platform or Coinbase Prime for nearly three years since the US SEC filed a lawsuit. The exchange delisted the token in December and relisted it only after Judge Torres’ summary judgement decision. Thus, the current allegations of Oregon AG against the exchange could be deemed baseless.
Secondly, Judge Torres’s judgment explicitly stated that XRP itself is not a security. This contradicts the the justice department’s claim that XRP is a “crypto security”.
The post XRP Lawyer Labels Oregon AG’s Coinbase Lawsuit as ‘Dystopian Nonsense’; Here’s Why appeared first on CoinGape.