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…
2023-07-13 16:08:50
Source from finance.yahoo.com
rnrn
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…
2023-07-13 16:08:50
Source from finance.yahoo.com
rnrn