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Ripple CTO David Schwartz has revealed he failed to take advantage of Coinbase's stock after the highly favorable XRP ruling in which Judge Torres declared the digital currency is not an investment security.
The popular Ripple executive took to his Twitter handle and said the first thing he should have done was buy the shares of the American crypto exchange, something he apparently regretted not doing seeing the immense growth the stock printed following the verdict.
The first thing I should have done when I heard about the ruling was buy Coinbase stock.
— David "JoelKatz" Schwartz (@JoelKatz) July 14, 2023
Why Coinbase?
With many American publicly traded companies linked to the broader digital currency ecosystem, the regret on Coinbase's stock has a broadly deeper reason. This is because the trading firm stands to benefit immensely from the XRP ruling, seeing it is defending itself against a slew of charges levied against it by the United States Securities and Exchange Commission (SEC).
Experts have alleged that Ripple's significant win against the SEC with the ruling that XRP is not a security has somewhat decimated the market regulator's argument against the crypto trading firm. The SEC has alleged that Coinbase supported the trading of unregistered securities, while also assuming a multiple role of securities broker and clearing house.
The Ripple lawsuit and the decision from Judge Torres set a crucial precedent that crypto legal experts are convinced will shape the fate of many other lawsuits in the American digital currency ecosystem.
Coinbase also benefited from the XRP ruling in that it relisted the digital currency for trading on its platform with a massive retail buyup of the coin subsequently.
Redeeming time
While the tweet from the Ripple CTO is one of the many he sends out daily, it remains unclear whether or not he will eventually buy the Coinbase stock as the potential to top the 18% growth it has picked in the past five days has a tendency of multiplying as the case evolves in the near future.
Tomiwabold Olajide
Gamza Khanzadaev
Arman Shirinyan
