Bill Morgan Criticizes SEC’s $2 Billion Fine Against Ripple Amid Escalating Legal Dispute with XRP
The ongoing legal battle between the SEC and Ripple is intensifying as the SEC seeks a $2 billion penalty from Ripple Labs for alleged unlawful sales of XRP. Ripple’s Chief Legal Officer has criticized the SEC for being too harsh. While charges against Ripple’s CEO and co-founder have been dropped, U.S. Judge Analisa Torres has stated that XRP is not a security.
There is speculation about a potential Supreme Court showdown on April 22nd. Ripple plans to challenge the SEC’s penalty request and present evidence from other cases, such as Coinbase’s. Attorney John E. Deaton is also assisting thousands of Coinbase customers in a case against the SEC, which could benefit Ripple.
Bill Morgan, a lawyer in support of XRP, has publicly criticized the SEC for demanding $2 billion from Ripple Labs in their legal battle. Morgan argues that it is illogical for Ripple to pay such a hefty amount when they have been successful in defending themselves in the lawsuit. His comments have sparked discussions within the XRP community, with many questioning the fairness and reasoning behind the SEC’s demand.
Morgan also suggests that the crypto market should be questioned about the lack of utility and legal clarity, rather than targeting XRP.
John E. Deaton, an attorney and advocate for XRP holders, has filed to represent nearly 4,701 Coinbase customers in the SEC vs. Coinbase legal battle. This strategic move strengthens the collective fight against the SEC’s unclear classification of cryptocurrencies and could have significant implications for Ripple’s separate legal case. Coinbase’s challenge to the SEC’s application of the Howey test aims to bring clarity to crypto regulation, which may impact Ripple’s position and shape the future regulatory landscape of the crypto industry.
The price of XRP dropped by 0.81% to $0.5248 on Sunday after a rise on Saturday. Investors are closely monitoring the SEC and Ripple’s legal battle, with Ripple’s response due by April 22nd. The full details will be revealed on April 24th. Ripple needs to demonstrate that most XRP sales after the complaint were made to non-U.S. investors in order to minimize penalties.
The SEC is seeking $2 billion to prevent Ripple from selling XRP to large investors. Ripple’s response is their final opportunity before Judge Analisa Torres makes a decision. Investors are also keeping an eye out for any potential SEC appeal. However, technical indicators suggest that XRP’s price may drop, although a rise to $0.5739 is possible.