Fox Business reporter Charles Gasparino reports that securities lawyers are warning Ripple (XRP) holders that Judge Torres’ analysis of Ripple could be overturned by federal courts.
The warning follows a ruling by a federal judge against Coinbase, a popular cryptocurrency exchange platform. The judge rejected Coinbase’s argument that Torres’ Ripple decision supported the dismissal of the lawsuit between it and the SEC. Instead, the judge credited Rakoff’s analysis of Terraform, which also rejected Torres’ analysis.
Coinbase had a partial gain and a partial loss with the decision made by Judge Katherine Polk Failla in the case filed by the US Securities and Exchange Commission (SEC) against the exchange on Wednesday.
The loss was not unexpected, as even Coinbase’s chief legal officer, Paul Grewal, stated that the team was “prepared” for such a decision.
The SEC’s legal battle with Coinbase officially began last June, when the securities regulator first filed suit. Gary Gensler’s SEC alleges that Coinbase operates as an unregistered exchange, broker and clearing house.
On Wednesday, Judge Katherine Polk Failla largely denied Coinbase’s motion for summary judgment, meaning the legal battle between the two will continue.
*This is not investment advice.
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