The stock of Coinbase Global Inc. is on a bullish run today after it soared as high as 14.72% to $84.56 following the news of the victory of Grayscale Investments over the United States Securities and Exchange Commission (SEC).
The SEC appears to have been on a major losing streak with respect to high-profile legal cases against renowned crypto firms in the past few months. The massive victory following the positive XRP ruling from Judge Analisa Torres in more than two-and-a-half-year lawsuits between Ripple Labs and the SEC notably broke the fallow ground in the nascent industry.
The SEC had alleged that Ripple sold XRP as an investment contract to both institutional investors and retail investors and hence, demanded a $1.3 billion civil payment. After much dragging and the analysis of the Howey Test as it concerns the retail trading sales, Judge Torres concluded that XRP sold by Ripple to institutional investors are securities while those acquired on secondary marketplaces are not.
The broader crypto ecosystem is now shining the beam on the lawsuit between Coinbase and the SEC after Grayscale Investments also snatched a much-coveted victory in its suit when it sued the market regulator for failing to approve its request to convert its flagship Grayscale Bitcoin Trust (GBTC) product to a full-fledged spot Bitcoin ETF.
Market experts have been analyzing the merits of the argument of Coinbase in the lawsuit brought on by the SEC. With the odds now largely in the favor of crypto firms, the expectations that the publicly-listed exchange platform will also come out victorious are now growing across the board.
Investors are also perceiving this possibility which is now showing in the growing buyup on the Nasdaq Global Select Market.
Many pro-crypto lawyers have been projecting a win for Coinbase Exchange against the SEC. With a series of precedents now set, many other experts still unsure might be changing their stance in the near future.
Recently, XRP holder’s lawyer, John Deaton placed the odds of Coinbase winning the SEC at 25%, a probability that might soar in the near future.
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