Lawyer Debunks Ripple SEC Case Myths as Tensions Heat Up

• The Ripple vs SEC case is still ongoing.
• A legal expert has provided new insights on recent reports.
• The legal battle is anticipated to reach a conclusion soon.

The legal tussle between Ripple and the Securities And Exchange Commission (SEC) has taken various turns over the past years, centered around the commission’s claims that XRP is an unregistered security. Despite the July 2023 ruling by Judge Analisa Torres that secondary sales of XRP did not constitute a securities offering, the regulatory body has continued to challenge the firm in its quest for regulatory oversight.

As the stakes in the legal battle remain high, a legal expert has stepped in to address some misconceptions surrounding the case.

Lawyer Weighs In on Ripple SEC Case

The crypto industry is closely monitoring the Ripple vs. SEC case, with mounting speculation fueled by expectations for a ruling from Judge Torres this week.

Responding to a claim that an appeal is unlikely from the SEC “given the weakness of their case,” crypto lawyer Bill Morgan emphasizes that such expectation must be met with caution. Morgan highlights that the possibility of an appeal from either side remains open, noting that the debate about whether the SEC’s prospects are strong or weak is ongoing.

“There may very well be a SEC (and Ripple) appeal. It is a matter of contention and debate whether the SEC’s prospects are strong or weak,” he stated.

Morgan also addressed claims that XRP will become the only cryptocurrency with definitive regulatory clarity. He clarified that while the recent court ruling has provided some legal clarity regarding XRP’s status, it does not translate into industry-wide regulatory guidance. 

He added that “courts do not provide regulatory clarity,”  and regardless of the court’s findings, the sales of XRP could still be considered investment contracts depending on the remedies decided upon. 

The debate comes amid expectations for the Ripple-SEC case to culminate soon.

Ripple SEC Case to End Soon?

In a recent Bloomnberg interview , Ripple CEO Brad Garlinghouse hinted at a possible imminent conclusion to the legal battle with the SEC over XRP’s status.

While keeping specifics under wraps, Garlinghouse highlighted that the case is expected to come to an end “very soon.” He spotlighted the implication of the lawsuit for the industry, characterizing it as a landmark one for the crypto space in the pursuit of clearer regulations within the United States. 

The Ripple CEO further criticized the SEC’s approach to regulations through enforcement and the lack of a defined framework, arguing that it hinders innovation and stifles industry growth. “We’re not asking for a free pass,” Garlinghouse stated, adding that “We just need those rules to be clear and consistent.”

On the Flipside

• The prolonged legal battle between the SEC and Ripple has contributed significantly to the cryptocurrency market’s instability.
• Bold price predictions have recently emerged for XRP, suggesting it could surge to new triple-digit price highs.
• At press time, XRP is trading for $0.6033.

Why This Matters

The crypto industry is keenly awaiting the conclusion of the years-long Ripple-SEC battle. However, the potential for an appeal implies that the case could extend further should either party decide to pursue it.

Read more about the latest update regarding a potential meeting between both parties:
New SEC and Ripple Meeting: Leak Suggests This Time It’s Real

Here’s how Bitcoin is recovering from its week-long price woes as it eyes a new price point:
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