As Coinbase Global Inc. awaits its own regulatory fate, Wall Street has been scanning other cryptocurrency-related legal battles for signs of what’s to come.
Coinbase shares COIN have been on a tear lately, rising 167% so far this year, and they enjoyed a particularly sharp one-day rally in mid-July after a federal judge in a case unrelated to Coinbase determined that Ripple Labs’ token wasn’t a security when sold to members of the general public on crypto exchanges.Investors saw that ruling as a potentially favorable signal for Coinbase, which was sued by the Securities and Exchange Commission earlier this year.
The judge in the Ripple case essentially drew a line between sales to members of the general public on crypto exchanges and sales to sophisticated institutional investors by applying the Howey test, which is used to determine whether transactions are investment contracts.
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Source: CNBC - 🏆 12. / 72 Read more »