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- Judge Torres denies Ripple and SEC’s joint request to settle civil penalties.
- Pro XRP lawyer Bill Morgan challenges claims about XRP’s lack of legal clarity.
- XRP’s classification remains unchanged as penalty talks between Ripple and SEC continue.
Ripple’s ongoing legal standoff with the U.S. Securities and Exchange Commission has hit another roadblock after Judge Analisa Torres refused to approve a joint request from both parties. The court said no to the filing aimed at closing the case, meaning the lawsuit with Marshals continued for even longer.
As a result, Ripple may now be more confused by the law, but its XRP token currently has no legal change. Before this case, Judge Torres ruled that using public exchanges to sell XRP did not qualify as a securities offering. One point to note is that the SEC did not go forward with an appeal.
After the court’s ruling, criticism of XRP surged on social media. According to @ScamDetective5, XRP’s status lacks legal definition; institutions don’t sponsor it, and it is not tied to central bank digital currencies. The statement indicated that U.S. reserve assets only include Bitcoin.
Bill Morgan Counters False Claims About XRP’s Legal Status
Pro XRP lawyer Bill Morgan responded strongly to these claims. On his official page @Belisarius2020, he called the claims false and misleading. He added that the federal judge previously stated that XRP is not a security, which the SEC never appealed, so the existing clarity continues.
He went on to mention the views of some who believe that the judge’s dicta cannot be used as mandatory legal guidance. Bill Morgan stated that even unofficial comments made by a judge can affect future court rulings and inspire future thinking on the law.
Ripple and the SEC are currently attempting to agree on penalties, and his decision is a result. The penalty phase remains unresolved, but the judge’s original ruling on XRP has not been reversed.
The case has attracted widespread attention in the crypto industry due to its potential impact on regulation. Many legal analysts and cryptocurrency supporters are monitoring the court closely as Ripple’s penalty negotiations remain ongoing.
After the judge rejected a possible solution, Ripple’s case goes on. In contrast, people such as Bill Morgan are now making sure that false statements and speculation about the legal status of XRP are addressed.
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