Advertisement
AD

Main navigation

Advertisement
AD

Ripple: Here's Crypto Lawyer's Insight into SEC-XRP Lawsuit and Its Outcome

Advertisement
Mon, 8/05/2023 - 15:36
Ripple: Here's Crypto Lawyer's Insight into SEC-XRP Lawsuit and Its Outcome
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The Ripple-SEC legal battle has dragged on for more than two years. In December 2020, the SEC filed its lawsuit against Ripple and two of its executives, alleging that the $1.3 billion XRP was an unregistered security offering.

Advertisement

Fast forward to December 2022, when both parties made their final submissions seeking summary judgment in the case. The judge's verdict is now awaited.

Bill Morgan, an XRP enthusiast and crypto lawyer, took to Twitter to share some key facts about the lawsuit as the judge's verdict is awaited.

According to him, ruling Judge Torres made it clear in the Daubert motion decision that the issue she must decide is whether Ripple sold XRP as a security, notwithstanding the SEC's broader claims.

Advertisement

In a separate tweet, Morgan also stated that the Ripple defense in the lawsuit does not "hinge" on the XRPL being decentralized or the degree of decentralization; it hinges on the application of the Howey test. He adds that the factual relevance of decentralization to the application of that legal test is yet to be decided.

Morgan reacted to CryptoLaw founder John Deaton and Marc Fagel, a former SEC lawyer, in which the latter asked if an asset initially ruled to be a security could be "expressly held" not to be a security on secondary markets.

Deaton responded that there has not been an investment contract case in 76 years that held an underlying asset itself to be a security.

According to him, not a single investment contract was found where there was no "privity" between the buyer and the promoter of the asset after examining all investment contract cases.

Ripple is expanding in Dubai

Ripple CEO Brad Garlinghouse has taken to Twitter to recount the giant strides that the company is making in Dubai.

Garlinghouse stated that Ripple is expanding in Dubai with a growing customer base. He notes that 20% of Ripple customers are based in MENA.

He highlights that Dubai as becoming a key global financial hub for crypto innovation to thrive as clear regulatory regimes are developed.

A
A
A

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD