Lawyer Bill Morgan Expresses Anger Over Misleading Article on Ripple vs SEC Case, Offers Case Update
A recent news article discussing the ongoing legal battle between Ripple and the SEC has caused controversy after legal expert Bill Morgan publicly criticized its inaccuracies on Twitter. Morgan disputed a statement attributed to him in the article and clarified the true developments in the case.
The disputed article claimed that Morgan argued that judges do not have the authority to compel validators, which are crucial components of the XRP Ledger, to take certain actions. However, Morgan expressed his dissatisfaction with the article, stating that he never made such a statement and called the overall accuracy of the article “utter nonsense.”
Morgan addressed the misleading claim by clarifying that the dispute in the case does not involve XRP being classified as a security. He emphasized that XRP has already been determined not to be a security, and both parties are not seeking such a designation in a settlement agreement.
In response to the renewed fear, uncertainty, and doubt (FUD) surrounding the SEC v Ripple case, Morgan provided an update on the actual proceedings. He explained that the case is not close to reaching a settlement and outlined key events that took place in January.
On January 11, the SEC filed a motion to compel Ripple to disclose its financial statements for 2022 and 2023, as well as its post-complaint contracts with institutions. Ripple responded on January 19, arguing that such discovery would lead to a mini-trial on the legality of post-contract sales to institutions.
The SEC filed a reply on January 23, demanding a mini-trial and stating that it was not a significant burden for Ripple to provide the requested information. Ripple sought and was granted permission to file a sur-reply regarding the production of post-complaint sales in a related case.
Morgan emphasized the need for Judge Torres to rule on the SEC’s motion to compel quickly, as the remedies phase of the case is ongoing and discovery related to remedies is expected to be completed by February 12.
In conclusion, the Ripple vs SEC case continues to unfold, and legal expert Bill Morgan has called out misleading information and provided insights into the true status of the legal proceedings. Accurate reporting on such complex matters remains essential as the crypto community eagerly awaits further updates.