Crypto Surges and Sinks on the Words of Two New York Judges (1)

A sharp split between two federal judges in New York has boosted and then dragged down cryptocurrency values in recent weeks, as investors look for clarity on a crucial question: Is crypto a security?

Shares of Coinbase Global Inc., which runs the biggest crypto exchange in the US, soared 24% on July 13 after US District Judge Analisa Torres, weighing a Securities and Exchange Commission lawsuit against Ripple Labs, found that the company’s XRP token wasn’t a security when sold to individual investors on public exchanges. The SEC had argued that it was, and an unregistered one ...