It is an action linked to the crypto world that, before a court ruling in favor of the ecosystem, generated a wave of strong increases.
Coinbase’s Cedear climbed this day almost 28%. What happened behind it was a complex judicial framework that today had the green light in favor of the crypto world. This Thursday, July 13, a court ruled in favor of Ripple and considered that the token is not an asset of value. This was taken as a historical fact and favored another of the struggles within the ecosystem: Coinbase’s legal battle with the US Securities and Exchange Commission (SEC).
This Thursday, Coinbase’s lawyers argued that the SEC exceeded its jurisdiction by taking action against the cryptocurrency industry without backing from Congress. Notably, last month, the SEC sued the two largest cryptocurrency exchanges, Coinbase and Binance, for alleged violations of securities laws. Coinbase was accused of illegally operating without being registered with the regulator.
However, this day another legal case indirectly benefited the exchange. This Thursday, July 13, Ripple managed to win a legal battle that led it to skyrocket more than 75% in just one hour. this journey Ripple was officially ruled “not an asset of value.” This marks a very important victory for Ripple against the SEC. Coinbase announced, following the news, that it is going to relist XRP.
This ruling leaves without arguments the SEC that claimed that tokens like Solana, Polygon or Cardano should have been registered as financial assets, something neither Coinbase nor Binance did. The trial in favor of Ripple became a sign that courts are beginning to recognize that cryptocurrencies are not securities and that they should not be subject to the same regulations as stocks and bonds.
Source: Ambito
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