Coinbase leads crypto stock gains after Ripple Labs’ legal victory

Must read

MIKE MANGINI On DREAM THEATER Reuniting With MIKE PORTNOY: “I Understood It”

Dream Theater reunited with founding drummer Mike Portnoy in late October,...

Trump Is Now Trying To Get Fani Willis Disqualified For Speaking In Church

Trump is claiming that Fani Willis’s comments during remarks in a church are grounds for her disqualification from the case. ABC News reported: ...

IHSAHN Doesn’t See A New EMPEROR Record Happening

Ihsahn pondered the circumstances under which new Emperor material might happen...

Casino Bonus ohne Einzahlung 59 GRATIS Echtgeld Codes 2023

Content⏩ Wie kann man einen Bonus ohne Einzahlung bekommen? Wird immer ein Bonuscode benötigt?No Deposit Bonus ohne UmsatzbedingungenWir aktualisieren und prüfen alle Bonusangebote für...

By Chibuike Oguh

NEW YORK (Reuters) – Shares of Coinbase Global Inc surged by nearly 25% on Thursday, ahead of other cryptocurrency and blockchain-related companies, following a landmark legal victory in a closely-watched lawsuit involving blockchain company Ripple Labs Inc.

A U.S. District Judge ruled on Thursday that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a decision that sent the value of the token soaring by as much as 74%.

The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012.

It was the first time a U.S. judge had found against the SEC where the agency has alleged a crypto token is a security and subject to its strict investor protection rules, buoying optimism over the future of the crypto market.

Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Riot Platforms Inc jumped 15%, Marathon Digital Holdings Inc rose 14.5%, and Microstrategy Inc gained 11.7%. Hut 8 Mining Corp added 17.7%.

Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. “We’ve read Judge [Analisa] Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist,” Coinbase’s chief legal officer Paul Grewal said on Twitter.

Bitcoin, the world’s largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum, the world’s second-largest cryptocurrency, rose 6.43% to $1,993.3.

(Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa Babington)

More articles

Latest article

The Trump Effort To Impeach Fani Willis Is Doomed

MAGA Georgia state Sen. Colton Moore launched an effort to call a special session of the Georgia legislature to impeach Fani Willis,...

Ashley Black, Inventor of Tissue Regeneration tools, Was Honored with an International Stevie Award for 2022 Woman Of The Year And Lifetime Achievement in...

Ashley Black is a three-time Stevie Winner, including these two 2022 awards and she was named 2020 Entrepreneur of the Year for Health and...

Scaramucci Says Grayscale ETF Sales Helped Fuel Bitcoin Decline

(Bloomberg) -- Bitcoin’s decline since the start of trading of exchange-traded funds that hold the cryptocurrency was driven in part by sales of Grayscale...

Applied Materials Posts Strong Earnings. The Stock Drops on Report of Federal Investigation.

Applied Materials reported better-than- expected earnings for the October quarter, but its shares fell after a media report offered new details about a U.S....