{"id":35872,"date":"2023-07-14T22:39:18","date_gmt":"2023-07-15T02:39:18","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/coinbase-leads-crypto-stock-gains-after-ripple-labs-legal-victory\/"},"modified":"2023-07-14T22:39:19","modified_gmt":"2023-07-15T02:39:19","slug":"coinbase-leads-crypto-stock-gains-after-ripple-labs-legal-victory","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35872","title":{"rendered":"Coinbase leads crypto stock gains after Ripple Labs’ legal victory"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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By Chibuike Oguh<\/p>\n

NEW YORK (Reuters) – Shares of Coinbase (NASDAQ:) 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 Labs Inc.<\/p>\n

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%. <\/p>\n

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.<\/p>\n

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. <\/p>\n

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 (NASDAQ:) Inc gained 11.7%. Hut 8 Mining Corp added 17.7%.<\/p>\n

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.<\/p>\n

, the world’s largest cryptocurrency, was last up 4.1% at 31,584 while , the world’s second-largest cryptocurrency, rose 6.43% to $1,993.3. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS\/Dado Ruvic\/Illustration\/File Photo By Chibuike Oguh NEW YORK (Reuters) – Shares of Coinbase (NASDAQ:) Global Inc surged by nearly 25% on Thursday, ahead of other cryptocurrency and blockchain-related companies, following […]<\/p>\n","protected":false},"author":1,"featured_media":35873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-35872","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCoinbase leads crypto stock gains after Ripple Labs' legal victory | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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