Bitcoin was trading below $30K as Asia equity markets opened, but XRP was up 6%. PLUS: A Needham analyst explains why he's upbeat about Coinbase following Ripple's partial victory in an ongoing court case with the SEC. By JPRubin23, TheSamReynolds
last week in its long-running Federal court feud with the Securities and Exchange Commission will likely benefit Coinbase by clarifying a nettlesome aspect of crypto regulation and enabling the exchange to re-list certain tokens, John Todaro, a senior research analyst at broker Needham & Company, told CoinDesk TV's"First Mover" program Tuesday.
"It does remove some those concerns that along the way, Coinbase might have to delist a lot of assets, which is going to be a big deterrent to their exchange business, which is where they get most of their revenue," Todaro said, adding that the ruling would also"give institutional investors more clarity."
Last Thursday, a U.S. district court ruled that Ripple’s XRP token should not be considered a security if sold via an exchange or through programmatic sales. In a research report the following day, Todaro and another analyst, Daniel Lehmann wrote that the decision could boost Coinbase shares by establishing that token sales through exchanges, at least in the case of XRP, did not violate securities laws.
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