XRP Lawsuit News: Bill Morgan Warns Delay from Judge Torres Could Spell Trouble for SEC’s Ripple Appeal
The post XRP Lawsuit News: Bill Morgan Warns Delay from Judge Torres Could Spell Trouble for SEC’s Ripple Appeal appeared first on Coinpedia Fintech News
Australian lawyer Bill Morgan suggests that time—or a lack thereof—could determine the fate of the SEC’s appeal in the Ripple case. His remarks are catching the eye of the cryptocurrency world at a time when investors are desperately seeking clarity.
Bill Morgan’s tweet highlights the importance of time in legal matters, especially concerning the SEC’s recent appeal request. According to him, if Judge Torres doesn’t act swiftly, it could indicate a rough road ahead for the SEC in obtaining permission to appeal—or even a stay of proceedings during an interlocutory appeal.
Won’t be long as the trial has not been stayed and the parties will still be preparing for trial. If Judge Torres is not quick it may be a bad sign for the SEC’s prospects of getting permission to appeal or at least of a stay of the proceedings during an interlocutory appeal https://t.co/BVRyveVdAq
— bill morgan (@Belisarius2020) September 19, 2023
A user questioned Morgan’s timing estimate, citing a roughly nine-week decision gap in Judge Torres’ history. Morgan promptly replied, “Not that late, I think,” indicating his belief that the clock is ticking faster than most realize.
SEC’s Controversial Move and the Ripple Case
The SEC’s latest maneuver aims to suspend proceedings until a final judgment. This comes after the court ruled that XRP retail sales do not qualify as an investment contract, casting doubts over the SEC’s case. This contradicts SEC Chairman Gary Gensler’s earlier stance that the crypto industry didn’t require additional regulations.
For a long time, skeptics shrugged off the concerns of the XRP community as conspiracy theories. However, Judge Torres’ recent ruling and the subsequent appeal request by the SEC have vindicated many of these concerns. The XRP community has often felt unfairly targeted by the SEC, especially compared to Ethereum, which has largely escaped such rigorous scrutiny.
Famous crypto influencer Zach Rector suggests Ripple is nearing a favorable settlement with the SEC. Given the court’s prior judgment that distinguishes XRP from securities, Rector believes Ripple has gained significant legal leverage.
Zach Rector speculates that the repercussions of this legal battle could surpass the trillion-dollar mark. This considers the perceived “free pass” given to Ethereum and the heavy financial losses the XRP community has faced during this tumultuous period.
Bill Morgan’s tweet brings more than just an opinion; it serves as a timely reminder of how significant the next steps are for Ripple, the SEC, and the larger cryptocurrency landscape.
Filed under: Bitcoin - @ September 20, 2023 8:22 am