Coinbase leads crypto stock gains after Ripple Labs’ legal victory

Shares of Coinbase Global Inc surged by nearly 25% on Thursday, ahead of other cryptocurrency and blockchain-related companies, following a landmark legal victory in a closely-watched lawsuit involving blockchain company Ripple Labs Inc.

A U.S. District Judge ruled on Thursday that Ripple Labs did not violate federal securities law by selling its XRP token on public exchanges, a decision that sent the value of the token soaring by as much as 74%.