Attorney responds to market players, suggesting that XRP escrow might be thrown into U.S. national reserve
Rumors have been circulating within the Ripple and XRP communities suggesting that the United States National Reserve might expand its currency list to accommodate XRP, the fourth-largest cryptocurrency by market cap.
The rumors come as Ripple and its community members prepare for what might be the last phase of the long-standing legal dispute between itself and the U.S. Securities and Exchange Commission (SEC).
Conversations backing the rumors intensified after Ripple released a whopping 1 billion XRP from escrow in June. The tokens, totaling more than $2.2 billion in market value at their withdrawal, were shared across three major transactions, further strengthening the rumors of a possible transfer scheduled for external accounts.
In response to the speculations, one pro-Ripple attorney has made a countercomment, thus clarifying the situation and debunking numerous speculations.
Bill Morgan, an attorney best known for his commentary on the Ripple vs. SEC legal battle, reacted to a statement made by an X user, expressing certainty that the escrowed XRP will not be added to the U.S. National Reserve.
https://twitter.com/belisarius2020/status/1936284120604459234?s=46&t=qzsvHvtDB3yjTaoaylh-2g
Speaking on the current state of the legal battle, Bill Morgan expressed that Ripple may not have filed an appeal on the institutional sales part of the summary judgment decision had the SEC not filed an appeal of Judge Analisa Torres’s summary judgment decision.
He is convinced both parties might have concluded with the judge’s summary judgment and final orders.
Highlighting the impact that the SEC’s new guidelines had on the current case, he wrote the following;
“The SEC’s new policy towards enforcement has encouraged Ripple to seek more than it would have been satisfied with or lived with before the SEC filed its appeal.”
