XRP lawyer Bill Morgan has recently shrugged off concerns regarding Ripple’s potential penalty to the SEC. His statements come amid escalating discussions about the SEC’s recent response to Ripple’s letter concerning the Terraform Labs Consent Judgment.

Despite rumors of Ripple’s financial jeopardy, Morgan emphasized the company’s robust acquisitions and financial strength, dismissing claims of impending bankruptcy.

XRP Lawyer Countered Ripple Financial Concerns

Concerns have been swirling around Ripple’s financial stability due to a potential hefty fine from the SEC. A social media user recently suggested that Ripple could face bankruptcy due to the SEC’s penalties.

However, XRP lawyer Bill Morgan refuted these claims on the X platform. Notably, he pointed out Ripple’s strong financial position, highlighted by its recent acquisitions. Notably, Morgan argued:

You think a company that just acquired two major custodial businesses in the last 12 months for hundreds of millions of dollars can’t pay a $100 million plus fine?

Meanwhile, Ripple’s financial moves, such as the acquisition of Metaco in May last year and Standard Custody recently, illustrate its robust economic health. Notably, Ripple has acquired Metaco for $250 million last year. In other words, these strategic acquisitions, as highlighted by the XRP lawyer, bolster Ripple’s capabilities in digital asset custody, strengthening its market position despite regulatory challenges.

However, the SEC’s response to Ripple’s letter about the Terraform Labs Consent Judgment has been a focal point in the ongoing lawsuit. The regulator claimed that Ripple’s current On-Demand Liquidity (ODL) sales practices bear striking similarities to past violations.

Also Read: XRP Price Risks Falling To $0.42 As SEC and Lawyers Challenges Ripple On Penalties & Injunction

Ripple’s Market Resilience

Ripple’s market strategy and financial actions suggest a company poised to navigate through its legal challenges. Despite the SEC’s assertions that Ripple’s ODL sales resemble previous infractions, the XRP lawyer highlighted that the current records do not conclusively support these claims.

The proactive market maneuvers of Ripple, including significant acquisitions, underscore its resilience and preparedness to tackle potential penalties. Besides, the acquisitions of Metaco and Standard Custody reflect Ripple’s commitment to expanding its foothold in the digital asset custody domain.

However, amid the looming concerns over the ongoing Ripple Vs SEC lawsuit, XRP price fell to as low as $0.46 level recently, indicating the subsiding risk-bet appetite of the investors.

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The post XRP News: Lawyer Defies Concerns Over Ripple’s Fine To SEC, Here’s Why appeared first on CoinGape.

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Filed under: News - @ June 16, 2024 7:30 am