A new legal challenge has emerged against Coinbase, this time led by Oregon’s Attorney General Dan Rayfield. The lawsuit labels Ripple’s XRP token as an unregistered security, despite a prior court ruling stating otherwise. This move highlights the ongoing debate surrounding XRP’s classification, with Oregon challenging the SEC’s position in a broader context of digital asset regulation. The lawsuit seeks to categorize several tokens, including XRP, alongside 31 other crypto assets, marking a significant escalation in this regulatory conflict. Coinbase vehemently rejects these claims, arguing that they are based on an enforcement-driven approach rather than legislation, and counter the Oregon AG’s assertions with their own view of a developing legal landscape around digital assets. Notably, this lawsuit contradicts a previous ruling by Judge Analisa Torres, who found XRP is not a security when traded publicly. This decision established precedent in the Ripple v. SEC case, but now the Oregon AG’s lawsuit re-raises the contentious question of XRP’s regulatory status. The recent shift from SEC leadership following Gary Gensler’s departure has also impacted the case, prompting the SEC to abandon its appeal and enter a 60-day pause. This move highlights the fragmented regulatory landscape in the U.S., with many questioning if this new legal challenge will further disrupt clarity on XRP’s future status. The outcome of this ongoing battle could significantly shape how digital assets are regulated across the nation, potentially impacting investor confidence and market stability.