- Pro-XRP lawyer Bill Morgan dismisses reading the SEC’s response to Coinbase.
- Morgan claims the Ripple community was already familiar with such arguments.
- Paul Grewal criticizes the SEC for neglecting its obligation to consider the public interest.
Bill Morgan, a prominent lawyer supporting XRP, recently dismissed the U.S. Securities and Exchange Commission’s (SEC) response to the suit against the US-based crypto exchange Coinbase.
“I won’t bother reading it,” Morgan’s tweet began, dismissing the that the XRP community, well-versed in the ongoing lawsuit against Ripple Labs, could have anticipated the arguments presented by the SEC.
Morgan’s dismissive tweet came after Coinbase Chief Legal Officer Paul Grewal shared Coinbase’s consent to allow the SEC a few extra days to explain its opposition to its motion to dismiss.
Grewal expressed disappointment with the SEC’s response, criticizing its failure to acknowledge established legal precedents. In his tweet, Grewal highlighted the Supreme Court’s Howey test, emphasizing that an investment contract requires enforceable rights against an issuer, extending beyond a mere investment of money.
The Coinbase lawyer accused the SEC of ignoring their obligation to consider the public interest and investor protection, despite having granted Coinbase the ability to list publicly over two years ago.
Furthermore, Grewal pointed out that the SEC disregarded its own chairman’s statements before Congress, where he indicated no specific regulatory authorities applicable to crypto exchanges like Coinbase.
Grewal also referenced the Supreme Court’s recent warnings against regulatory overreach in matters reserved for Congress.
Notably, Morgan’s response indicated that the XRP community, closely following the Ripple case, was already familiar with the SEC’s arguments. His tweet implies a lack of novelty in the SEC’s response, suggesting a level of predictability based on the ongoing proceedings.
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