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Ark Invest CEO Cathie Wood says she remains optimistic over the fate of Coinbase and other digital asset exchanges after the recent Ripple ruling, despite recent sales. Meanwhile, Ripple Labs says the recent court ruling could lead to more adoption of its XRP
token and a major bank in Australia has become the latest to impose restrictions on customer payments to cryptocurrency exchanges, citing scams.
Cathie Wood bullish on Coinbase after Ripple court ruling
The founder and CEO of ARK Investment Management said she remains upbeat over Coinbase shares, particularly after Ripple’s recent partial victory over the SEC.
While Wood noted the ruling wasn’t in outright favor of Ripple, she lauded the outcome as “by and large, very positive for [crypto] exchanges.”
Cathie Wood and Ark Invest’s trade activity from today 7/17 pic.twitter.com/JkGgK7gC0u— Ark Invest Daily (@ArkkDaily) July 18, 2023
On July 17, three of Wood’s ARK Investment exchange-traded funds (ETFs) cashed in on the crypto exchange’s recent rally, selling a total of 248,838 shares, worth $26.3 million at the time. These sales came six days after the ARKInnovation ETF sold an additional $12 million worth of Coinbase stock on July 11.
Ripple Labs exec says court ruling could boost XRP adoption
With Ripple Labs scoring a partial victory in its legal battle with the SEC, the XRP token could be poised for wider adoption in cross-border transactions, according to Stu Alderoty, Ripple Labs’ chief legal officer.
“I think we’re hopeful that this decision would give financial institution customers or potential customers comfort to at least come in and start having the conversation about what problems they are experiencing in their business, real-world problems in terms of moving value across borders without incurring obscene fees,” Alderoty said, according to CNBC.
#NEW: Chairmen @PatrickMcHenry and @CongressmanGT issue a statement regarding the court ruling in SEC v. Ripple and the need for legislative clarity in the digital asset ecosystem to prevent further uncertainty in our financial markets.
Read more https://t.co/y1nITVmHvh pic.twitter.com/tn0dn0BDHd— Financial Services GOP (@FinancialCmte) July 14, 2023
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Alderoty said the third quarter would be especially pivotal in driving conversations with customers about XRP’s utility, which could generate meaningful business for the company.
Judge Analisa Torres of the U.S. District Court for the Southern District of New York ruled partially in favor of Ripple Labs on July 13 by determining that XRP was not necessarily a security. The favorable judgment prompted several U.S. crypto exchanges to relist XRP.
National Australia Bank joins crypto exchange boycott, cites ‘scams’
Another major bank in Australia has said it will block certain cryptocurrency platforms, citing high levels of scam risk in the industry.
On July 17, National Australia Bank (NAB) announced a set of new measures to protect customers from fraud as part of its “bank-wide scam strategy.”
Alongside halting millions in payments between March and July 2023, NAB will also introduce blocks on “some cryptocurrency platforms” to help protect customers from scams.
NAB did not specify the names of the cryptocurrency exchanges expected to face blocks from the bank. NAB’s executive for group investigations and fraud Chris Sheehan only mentioned that the new blocks will affect “high-risk” platforms where “scams are more prevalent.”
Sheehan stated:
“These scammers are part of organized, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas.”
According to local reports, Sheehan hinted that NAB’s crypto blocks could affect the Binance crypto exchange. “Our approach is going to be consistent with the rest of the industry,” the executive reportedly said. Over the past few months, other large Australian banks, including Westpac and Commonwealth Bank of Australia, have also reportedly blocked payments to Binance.
NAB and Binance didn’t immediately respond to Cointelegraph’s request to comment. This article will be updated pending new information.
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