02:21 PM EDT, 08/08/2024 (MT Newswires) -- Coinbase Global ( COIN ) shares rose Thursday after a federal court ordered Ripple Labs to pay a portion of what the US Securities and Exchange Commission sought in the case, a result that bodes well for Coinbase's own case against the regulator, Bloomberg reported Thursday.

Shares of the biggest US crypto exchange were up 8.3% around 2 p.m. ET, a day after a federal court ruled that Ripple Labs had to pay a $125 million penalty, far below the $2 billion the SEC sought, according to the report.

Coinbase faces a fine of up to $4 billion after the SEC alleged the company operated as an unregistered securities exchange. The Ripple ruling boosts the odds of a similarly favorable outcome for Coinbase, Bloomberg Intelligence analyst Elliot Stein told Bloomberg.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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