FOX Business Senior Correspondent Charles Gasparino took to X to reveal that some securities lawyers have highlighted the impact that the Coinbase ruling might have on the ongoing XRP lawsuit.\u00a0<\/span><\/p>\n BREAKING: Securities lawyers say a Fed judge’s ruling against @coinbase<\/a> should be a warning to $XRP<\/a> holders that judge Torres’s @Ripple<\/a> analysis is likely to be reversed by the federal courts. The reason: Judge Failla rejected @coinbase<\/a>‘s contention that Torres’s @Ripple<\/a> ruling\u2026<\/p>\n <\/p>\n \u2014 Charles Gasparino (@CGasparino) March 30, 2024<\/a><\/p>\n<\/blockquote>\n Earlier in the week, a <\/span>United States Court rejected Coinbase\u2019s motion<\/span><\/a> to dismiss the Securities and Exchange Commission\u2019s (SEC) lawsuit against the platform.\u00a0According to Judge Katherine Failla, the Commission has sufficiently pleaded that Coinbase operates as an exchange, broker, and clearing agency under Federal Law.\u00a0<\/span><\/p>\n <\/p>\n She went on to highlight Coinbase\u2019s staking program and its alleged sales of unregistered securities as meeting the key concerns addressed by the SEC.<\/span><\/p>\n By this decision, the federal Court meant that Coinbase would move to the <\/span>discovery phase<\/span><\/a> where Coinbase and the SEC would be at liberty to request documents\u00a0from each other and a final decision would be made on the charges levied against the platform by the SEC.\u00a0<\/span><\/p>\n Consequently, both parties were instructed to submit a case management plan before April 19. From a broader perspective, the expected verdict is likely to take a toll on the XRP lawsuit.\u00a0<\/span><\/p>\n <\/p>\n According to some experts, the federal judge\u2019s final ruling against Coinbase should be a warning to XRP holders that the court could still overrule Judge Analisa Torres\u2019 verdict that <\/span>XRP is not a security.<\/span><\/a> It is worth noting that Judge Failla had earlier rejected Coinbase\u2019s argument that Judge Torres\u2019s Ripple ruling supports its case to dismiss.\u00a0<\/span><\/p>\n Instead, the judge chose to rely on the Terraform analysis of Jed S. Rakoff, a\u00a0senior United States district judge\u00a0of the\u00a0United States District Court for the Southern District of New York. At the time, <\/span>Judge Rakoff had also rejected Judge Torres\u2019 ruling<\/span><\/a> in the XRP lawsuit. He was clear in his stance that the Torres ruling doesn\u2019t count as precedent in the SEC case against Terraform Labs.\u00a0<\/span><\/p>\n According to Judge Rakoff, the SEC has sufficiently argued\u00a0it has jurisdiction\u00a0and \u201casserted a plausible claim\u201d that TerraUSD (UST), the Anchor Protocol, and LUNA may have violated securities laws.<\/span><\/p>\n <\/p>\n In other words, the outcome of the Coinbase ruling may trigger a revisit to Judge Torres\u2019s July 13 ruling and even give the SEC the backing to file a new appeal should the envisioned complicated twist grow.\u00a0<\/span><\/p>\n Unlike the rejection the regulator suffered last year, this time around, there is a high likelihood that its appeal request would be considered. Drawing on these lost possibilities, the Ripple Labs team may opt for an <\/span>earlier settlement<\/span><\/a> with the SEC.<\/span><\/p>\n There are already ongoing speculations that the second option may be the choice made by Ripple especially after <\/span>Ripple CEO Brad Garlinghouse and Stuart Alderoty, the company\u2019s CLO<\/span><\/a> were cited outside the courthouse in New York earlier this week to like attend a scheduled \u201cSettlement Conference.\u201d\u00a0<\/span><\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\n\n
The Coinbase Ruling Precedent<\/strong><\/h2>\n
Ripple Labs May Explore Settlement Path in the XRP Lawsuit<\/strong><\/h2>\n
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