Coinbase has filed a lawsuit against Oregon Governor Tina Kotek and Attorney General Dan Rayfield in Marion County Circuit Court, demanding transparency documents related to the state's abrupt April 2025 decision to classify 31 cryptocurrencies as securities. The exchange alleges Oregon violated transparency laws by reversing its longstanding policy without public hearings or rulemaking—a move Coinbase's Chief Legal Officer Paul Grewal called a 'crypto flip-flop.'
The lawsuit specifically targets Oregon's refusal to release an estimated 80,000 emails that could reveal deliberations behind reclassifying tokens including XRP, ADA, LINK, and UNI as securities. This reversal formed the basis of Oregon's earlier lawsuit against Coinbase for offering unregistered securities. Grewal stated: "They flip-flopped behind closed doors... Now they’re refusing to release records showing how and why."
Analysts note the case could reshape crypto regulation by forcing transparency, with XRP standing to benefit significantly due to its ongoing SEC litigation. A favorable outcome might reduce regulatory pressure on XRP and other tokens, potentially boosting market confidence. The legal action mirrors Coinbase's federal transparency efforts, including May 2025 disclosures of SEC internal discussions about ETH and XRP obtained via FOIA requests.