- Lawyer Bill Morgan refutes claims of weak SEC case and warns of potential appeals.
- Morgan noted that the recent court ruling lacks industry-wide regulatory guidance.
- Ripple CEO Garlinghouse calls for clear regulations.
Prominent cryptocurrency lawyer Bill Morgan has addressed misconceptions surrounding the ongoing SEC vs. Ripple legal process. Morgan responded to claims that an SEC appeal is unlikely due to a weak case, advising that expectations should be tempered. He added that either party could still appeal, and the strength of the SEC’s case remains under debate.
Morgan also clarified that while the recent court ruling clarifies XRP’s status, it does not provide industry-wide regulatory guidance. He emphasized that courts do not create regulatory clarity and that XRP sales could still be considered investment contracts based on future legal decisions. He stated:
“Time to call out more incorrect information about the SEC v Ripple case. Second bullet point is wrong. The XRP token already has case decided legal clarity. Courts do not give regulatory clarity. And whatever the judge finds on remedies, sales of XRP may be investment contracts.”
The SEC vs. Ripple case, which began in 2020, centers around the assertion that XRP is an unregistered security. Although Judge Analisa Torres ruled in July 2023 that secondary sales of XRP do not qualify as securities offerings, the SEC is continuing its efforts to assert regulatory control.
Ripple CEO Brad Garlinghouse, in a Bloomberg interview, suggested that the legal battle with the SEC might soon conclude. He explained that the case will help establish regulatory clarity in the U.S. cryptocurrency market.
Further, Garlinghouse criticized the SEC’s regulatory approach, stating that it stifles innovation because of the lack of a clear framework. He stressed the need for consistent and clear rules rather than seeking leniency.
The Ripple vs. SEC case is closely watched within the crypto community due to its significance in the crypto market. Nonetheless, the possibility of appeals and the ongoing debate about the SEC’s stance indicate that the legal battle is far from over.
According to CoinMarketCap data, XRP trades at $0.6299 at press time, rallying by 3.80% over the past 24 hours.
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