A cryptocurrency developer's landmark legal victory against the U.S. Securities and Exchange Commission (SEC) will galvanize Coinbase and other companies to resist the agency's attempt to assert its jurisdiction over the industry, experts said.Thursday's ruling that Ripple Labs Inc did not violate securit
A cryptocurrency developer's landmark legal victory against the U.S. Securities and Exchange Commission will galvanize Coinbase and other companies to resist the agency's attempt to assert its jurisdiction over the industry, experts said.
Crypto firms have long disputed the SEC's jurisdiction but until Thursday no court had supported that view. Now, industry lawyers have ammunition to fight back. In 2020, the SEC sued San Francisco-based Ripple and its current and former chief executives, alleging they conducted a $1.3 billion unregistered securities offering by selling XRP, which Ripple's founders created in 2012.
"It bolsters Coinbase's and Binance's arguments that the digital assets that are traded on those exchanges would not be deemed securities," said Teresa Goody Guillén of Baker & Hostetler in Washington.
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