A heated debate erupted over XRP’s legal status on the X platform, with Ripple lawyer Bill Morgan challenging claims against the token’s clarity. While an X user criticised XRP, citing a lack of clarity in ripple lawsuit and institutional support, Morgan fired back with a strong rebuttal.
Bill Morgan Defends XRP’s Legal Status
In response to an X user’s harsh criticism over XRP’s legal clarity, attorney Bill Morgan disputed the claim, pointing to existing legal precedent. The critic cited concerns over the token’s legal clarity, institutional backing, and potential use cases. Ignoring Judge Analisa Torres’ decision in the high-profile Ripple lawsuit that XRP isn’t a security, the critic wrote, “XRP has no legal clarity.”
Morgan retorted, arguing,
“To say XRP has no legal clarity is the biggest lie I have seen in crypto this year.” Reflecting on Judge Torres’ 2023 ruling that Ripple’s coin does not constitute a security, Morgan validated his point.
Further, he stated that the dicta in the Ripple case provide a degree of legal clarity, serving as persuasive authority. He emphasised that there’s no contradictory finding that the Ripple token is a security. Morgan also highlighted that the reasoning behind the ruling, which concluded the token isn’t a security, is persuasive. Furthermore, he believes the Ripple coin has more judicial clarity than Bitcoin, which lacks any such clarity.
Morgan’s statement carries significant weight, particularly given the potential settlement in the Ripple vs. SEC case. Though Judge Torres rejected both parties’ joint request for an indicative ruling, the community anticipates an imminent conclusion.
Does XRP Lack Legal Clarity in Ripple Lawsuit?
In the landmark ruling, Judge Torres clarified the status of XRP, determining that while institutional sales constituted securities transactions, the token itself was not a security when sold on exchanges or through other distributions. The ruling was hailed as a significant win not just for Ripple but for the broader cryptocurrency industry.
Bill Morgan has been vocal about the Ripple vs. SEC case and the token’s legal status. Previously, he stated,
The SEC’s inability to demonstrate that Ripple promoted XRP to retail purchasers is a testament to the unique circumstances underpinning the case. This is not merely opinion; it’s a matter of legal fact…Legal clarity for XRP has been established, irrespective of ongoing or future cases against other tokens or entities. It’s time to move beyond the FUD and focus on the path ahead.
Significantly, Ripple secured a partial win in the XRP lawsuit at a time when many crypto platforms and tokens were embroiled in similar cases. Thus, experts like Fred Rispoli and Digital Asset Investor acknowledged the Ripple coin as the only cryptocurrency with legal clarity. Rispoli stated following the ruling, “Only BTC and XRP are large-cap tokens that have legal clarity.”
Interestingly, this debate has reignited following the recent reappearance of a mysterious filing. As CoinGape reported, Bill Morgan pointed out Justin Keener’s submission of a motion for presenting “decisive evidence” in the Ripple lawsuit for a second time. This move has further fueled speculations of the Ripple lawsuit outcome and the filing’s possible implications.
