Bill Morgan Provides Clarity on Ripple vs SEC Court Ruling Regarding XRP Sales

The ongoing legal battle between Ripple and the SEC over whether XRP is a security has sparked a heated debate, with lawyer and crypto enthusiast Bill Morgan offering his perspective. Morgan disputes former SEC director John Reed Stark’s claim that the judge in the Coinbase-SEC case disagreed with Judge Torres’ ruling, suggesting that secondary sales of XRP could be considered investment contracts or unregistered securities. Morgan respectfully disagrees with Stark, pointing out that Torres did not address secondary market sales of XRP and questioning the basis of the disagreement. Legal expert Marc Fagel challenges Morgan’s stance, expressing skepticism about how token sales via exchanges could meet Torres’ stringent Howey standard. However, Morgan maintains that Torres’ ruling focused on Ripple’s programmatic sales and does not automatically apply to all secondary market crypto sales. He emphasizes the fact-specific nature of the Howey test and believes that Torres’ comprehensive evaluation makes the SEC’s appeal prospects unlikely to succeed.