Expert Confirms Ripple vs SEC Lawsuit Remains Unaffected by Coinbase Judgment
Article Rewrite:
Key Points
– The recent Coinbase v. SEC judgment does not impact the ongoing Ripple lawsuit.
– Even if the SEC appeals and wins, it will not affect secondary market sales.
– Coinbase’s Chief Legal Officer argues that the judgment has no bearing on future cases.
In a recent discussion on an X forum, Bill Morgan, a seasoned lawyer and digital asset enthusiast, explored the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Addressing concerns about the impact of the Coinbase hearing, Morgan reassured users that the judgment would have a “neutral” effect on the Ripple lawsuit. He clarified that the Coinbase v. SEC judgment specifically dealt with secondary market sales of certain cryptocurrencies, excluding XRP. Morgan emphasized that default judgments have limited significance since they lack contested arguments and evidence.
Morgan responded to questions about Judge Torres’ ruling on XRP’s security status by directing users to specific sections of the summary judgment decision. He highlighted pages 14 and 15, which shed light on “The XRP Token.” Morgan refrained from providing personal commentary, allowing the judge’s reasoning to speak for itself.
Morgan also addressed concerns about potential appeals and clarified that the SEC had acknowledged XRP’s classification as not being a security. Even if the SEC is successful on appeal, the impact would be limited to Ripple’s programmatic sales and would not extend to other secondary market sales.
Coinbase’s Chief Legal Officer, Paul Grewal, shared his perspective on the recent default judgment. He expressed concerns about the value of default judgments, particularly when the defendant fails to appear, stating that they hold no weight as precedent or persuasion.
Shifting focus to the XRP Ledger, an investigation revealed a significant increase in the XRP burn rate during a price rally. Data from XRPL explorer XRPScan showed a substantial rise, reaching 6,721 XRP on March 2, marking the highest intraday burn in over a month.
Tags: Crypto Regulations, Ripple (XRP)