Coinbase (COIN) is on the move.
Last checked, the stock was up about 15% on a volume spike to 33.88 million shares, as compared to daily average volume of 15.28 million.
All after Ripple won a partial win in a US SEC lawsuit.
In fact, a federal judge just ruled a crypto token did, in and of itself, meet the definition of a security. In the end, Ripple and the US SEC won.
Granted, the “judge said tokens Ripple sold to institutional buyers pursuant to written contracts did meet the securities test. However, the judge also said tokens sold through the use of trading algorithms to the general public on digital-assets exchanges didn’t meet that test. Crucially, the judge said that the nature of the transaction itself, rather than the token, determined its status under the law,” noted Barron’s.
In addition, as noted by CoinGape.com, “[John Deaton, the attorney who represented over 75,000 XRP token holders in the Ripple Vs the U.S. Securities and Exchange Commission (SEC) lawsuit explained] Coinbase could likely stand as the only other winner than the XRP token and Ripple, as the XRP previously sold on the platform was not a securities sale event.”
“Hence, he suggested that it was time to relist XRP on the platform. The exchange delisted the token in early 2021 over the December 2020 lawsuit against Ripple by the US SEC. Other US based exchanges too followed Coinbase in delisting the cryptocurrency, in what was a near closing down of doors for the token in the US.”