Prominent pro-crypto attorney Bill Morgan recently dropped a bombshell on X, stating that the legal battle over whether XRP is a security might be officially over.
Morgan pointed to the SEC’s latest motion in the ongoing Ripple lawsuit as a sign of shifting tides.
Thanks James. The war for the status of XRP as not itself a security is over. The battle for post complaint ODL sales since December 2020 has just begun. Give that that Ripple objected to every requested interrogatory and all documents the SEC sought it looks like a bitter fight… https://t.co/U4ZHsn8ENO pic.twitter.com/z3is12saGA
— bill morgan (@Belisarius2020) January 11, 2024
Read Also: Ripple CLO Reveals XRP Lawsuit Settlement Condition Offered By SEC
More XRP Lawsuit Drama
The lawsuit has not been in the news for a while as both parties stayed silent. However, the SEC has recaptured the attention of the crypto industry with its recent filing. The SEC filed a new motion seeking to compel Ripple to hand over two key documents and answer one crucial question.
The documents in question? Ripple’s audited financial statements from 2022 to 2023 and a contract governing its institutional XRP sales post-complaint. The SEC also wants clarification on the proceeds from institutional XRP sales since the lawsuit began.
Last year, the SEC tried to file an interlocutory appeal challenging Judge Torres’ ruling that Ripple’s non-institutional XRP sales weren’t securities. The appeal was denied in early October 2023, and interestingly, the latest motion doesn’t mention that ruling at all.
Instead, the SEC’s focus has shifted to appealing the summary judgment from July 2023 regarding Ripple’s programmatic XRP sales and other distributions.
What’s Next for the SEC?
What does this mean? It could suggest that even if the SEC appeals after the remedies phase, they might only target the programmatic sales ruling, leaving the non-security status of XRP untouched. Morgan believes this signals an end to the war on XRP’s non-security status. The attorney wrote, “The war for the status of XRP as not itself a security is over.”
With the non-security issue seemingly settled, Morgan predicts a fierce battle over all of Ripple’s ODL-related XRP sales since December 2020. Both sides have already shown strong opposition to the other’s requests, hinting at a potentially bitter legal fight in the remedies phase.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Real Vision CEO Raoul Pal Discusses His Strategic XRP Investment Amid Ripple-SEC Lawsuit
The Takeaway
The XRP community will surely be excited about this news, as now XRP’s non-security status will remain uncontested. While the news is undoubtedly positive for the community, the fight is far from over. The upcoming battle over post-complaint ODL sales promises to be intense, keeping the entire crypto market on the edge of its seat.
Meanwhile, a notable expert recently predicted when the lawsuit will end, but there will be a long road full of ups and downs before we reach the end of this historic lawsuit.
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