Shares of Coinbase rose more than 24 per cent Thursday after a New York judge ruled Ripple’s XRP token is not a security when sold to the broader public on crypto-trading platforms. The interpretation could undermine the U.S. Securities and Exchange Commission’s lawsuit against Coinbase, which argues tokens sold on Coinbase were unregistered securities. (The Logic, CoinDesk)
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Shares of Coinbase rose more than 24 per cent Thursday after a New York judge ruled Ripple’s XRP token is not a security when sold to the broader public on crypto-trading platforms. The interpretation could undermine the U.S. Securities and Exchange Commission’s lawsuit against Coinbase, which argues tokens sold on Coinbase were unregistered securities. (The Logic, CoinDesk)
Talking point: Thursday was a wild day for crypto—former Celsius CEO Alex Mashinsky was arrested in the morning, the Ripple ruling came out just before noon and the day ended with Coinbase’s stock and XRP both rallying. Flow, a token linked to Vancouver NFT company Dapper Labs, and Atom, the native token of the Cosmos blockchain, which has a Canadian co-founder, have also enjoyed boosts since the Ripple ruling, after being named as potential securities by the SEC in its lawsuits against Coinbase and rival Binance. Binance is struggling under the weight of multiple regulatory actions, laying off more than 1,000 employees in recent weeks, about one-eighth of its workforce, The Wall Street Journal reported.
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