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Pro-crypto lawyers were quick to react to the news. James ‘MetaLawMan’ Murphy commented:
“The Attorney General of Oregon, Dan Rayfield, is trying to make it illegal for Oregon residents to trade crypto. Rayfield was sworn in as AG 3 months ago. Apparently he didn’t get the memo that the Anti-Crypto Army had been defeated. Perhaps the good citizens of Oregon should give him a polite call to let him know that this is a serious error in judgment.”
Grewal shared more details of the Oregon AG’s court filing on April 20, stating:
“We finally got a copy of the Oregon AG complaint. If there was any doubt about the motivation behind it, look no further than section 9, where it 1) omits Judge Failla’s order granting interlocutory appeal of the SEC case; 2) omits any mention of Judge Torres’ decision in XRP; and 3) bears the stamp of the two private law firms brought on to profit from this suit; 4) labels the Chairman of the SEC as a ‘crypto lobbyist’ and 5) decries the reassignment of Gensler’s lead lawyer to the IT department. Not exactly subtle.”
Ripple Case at a Crossroads
The Oregon complaint comes at a critical juncture in the ongoing SEC v Ripple case. With the SEC’s appeal on ice, markets await a court motion to vacate Judge Torres’ ruling prohibiting XRP sales to institutional investors. A favorable settlement could deliver long-awaited legal clarity for Ripple, supporting its US expansion and XRP adoption.
However, the Oregon filing signals a potentially fragmented US crypto regulatory landscape. Democrat-led states could drive the Biden administration’s anti-crypto agenda, sustaining pressure on the industry ahead of the mid-terms. Oregon or another Democrat-led state could conceivably target Ripple once the current case concludes.
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