Ripple versus SEC: Bill Morgan vehemently refutes misinformation, sheds light on XRP lawsuit
Title: Legal Expert Clarifies Ripple vs SEC Case Misinformation
Introduction:
Legal intricacies can be perplexing, and the recent developments in the Ripple vs SEC case have caused confusion. However, Bill Morgan, a renowned legal expert, has stepped forward to debunk misinformation and shed light on the situation. Here’s an accurate breakdown of the latest updates.
Setting the Record Straight:
The controversy arose when an article falsely attributed a statement to Bill Morgan, suggesting that judges had unusual control over validators in the XRP Ledger. Morgan promptly dismissed this claim as “utter nonsense” and clarified that the core issue at hand does not concern XRP’s security status, as it has already been determined as a non-security token.
Bill Morgan Provides Case Update:
In response to the fear, uncertainty, and doubt (FUD) surrounding the SEC v Ripple case, Bill Morgan offered a comprehensive update on the actual proceedings. He clarified that the case is not nearing a settlement and highlighted key events that occurred in January.
In January, the SEC made a move by filing a motion to compel Ripple to disclose its financial statements and contracts post-complaint. Ripple, on the other hand, countered this motion, arguing against the possibility of a mini-trial on post-contract sales. They emphasized that the discovery of these contracts would involve assessing the legality of their sales to institutions, primarily ODL customers.
The SEC then filed a reply on January 23, demanding a mini-trial and claiming that it would not be burdensome for Ripple to provide the findings of its post-complaint sales. They cited a prior case to support their argument. Ripple was subsequently granted permission to file a sur-reply, specifically addressing the production of post-complaint sales in the Zakinov matter.
Judge Torres now needs to promptly rule on the SEC’s motion to compel, considering the ongoing remedies phase timetable. Completion of remedies-related discovery is expected by February 12, highlighting the urgency of the situation.
Conclusion:
As the crypto community eagerly awaits further updates on the Ripple vs SEC case, it is crucial for accurate reporting on these intricate matters. Bill Morgan’s clarification and insights have provided much-needed clarity amidst the misinformation, paving the way for a better understanding of the legal proceedings.