The post Lawyer Foresees Agency’s Loss in XRP Appeal appeared on BitcoinEthereumNews.com.

Bill Morgan, a lawyer and prominent supporter of XRP, expressed doubts about the U.S. Securities and Exchange Commission’s (SEC) chances of success in its ongoing appeal against Ripple. The SEC is appealing a ruling by Judge Analisa Torres, who declared in July 2023 that XRP, the native token of Ripple, is not a security. The agency is seeking to overturn this decision, particularly focusing on Ripple’s programmatic sales of XRP. Bill Morgan’s Take on SEC Appeal Against Ripple On X Morgan voiced his, stating that the SEC is trying to “convince a court in its appeal that Judge Torres got it wrong” by arguing that programmatic buyers of XRP expected profits from the blockchain company’s efforts. He pointed out that the SEC’s own expert testimony on this matter was not allowed and that there is a significant lack of evidence supporting the agency’s claims. And yes, you can assume I do not think the SEC will succeed in an appeal on Ripple’s programmatic sales of XRP https://t.co/4HMQjAP2uX — bill morgan (@Belisarius2020) October 8, 2024 According to Morgan, “the evidence before the court of many actual investors was that they did not rely on Ripple’s efforts or even knew about Ripple.” He further emphasized that the SEC’s argument is built on a hypothetical legal fiction, rather than real investor behavior. “No reasonable investor can expect profits from Ripple’s efforts,” Morgan noted. He added that the SEC will nonetheless attempt to argue that a hypothetical investor from 2019 may have based their XRP purchase on a blog post from 2014. Moreover, Morgan confidently stated, “you can assume I do not think the SEC will succeed in an appeal on Ripple’s programmatic sales of XRP.” Fred Rispoli, another lawyer who supports XRP, also weighed in on the SEC’s appeal, focusing on the agency’s…

---

Filed under: News - @ October 8, 2024 5:26 pm