In a recent post on social media platform X, Bill Morgan, a lawyer advocating for Ripple and XRP, expressed his disagreement with the US Securities and Exchange Commission (SEC). This comes after the SEC demanded that Ripple Labs pay them $2 billion to settle the ongoing legal dispute between XRP and the SEC. According to Morgan’s perspective, it is illogical for a company that has largely prevailed in a lawsuit to write such a large check to the opposing party.
After Morgan’s criticism, members of the XRP community debated the SEC’s demand for Ripple Labs to pay $2 billion. A user named @XRP4FREEDOM presented an alternative viewpoint. They suggested that Ripple’s CEO, Brad Garlinghouse, and Chief Legal Officer, Stuart Alderoty, should consider settling the case with the SEC to prevent more legal actions. The user expressed concerns about the potential risks of prolonging the legal battle, given Coinbase’s recent decision to file an interlocutory appeal.
Ripple’s XRP Case Tied to Coinbase Appeal
Coinbase, a well-known cryptocurrency trading platform, has escalated its dispute with the Securities and Exchange Commission (SEC) by submitting an appeal brief. This appeal aims to clarify in court whether digital assets like cryptocurrencies can be considered investment contracts without an underlying agreement. The SEC’s interpretation of this term is being challenged, with the decision expected to greatly impact the regulatory framework for cryptocurrencies within the US.
Many market observers and traders are keeping a close eye on the developments between Coinbase and the Securities and Exchange Commission (SEC). The legal battle between Coinbase and the SEC over an interlocutory appeal has caught their attention, with Bill Morgan, an XRP lawyer, adding his perspective. Morgan believes that if Coinbase loses this case, it could strengthen the SEC’s position in the ongoing dispute between the regulatory body and Ripple Labs over the sale of XRP being considered investment contracts.
Deaton Advocates for Coinbase Customers in SEC Case
John Deaton, an attorney, has applied to join the legal case between Coinbase and the SEC as a friend-of-the-court representative for approximately 4,701 Coinbase users. This action aligns with Coinbase’s efforts to gain clarification on how digital assets are classified as investment contracts. By advocating for these customers, Deaton hopes to add his voice to the ongoing conversation about cryptocurrency regulations and investment contracts.
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2024-04-21 17:00