Is SEC Underscoring Court’s Ruling In XRP Lawsuit?
In a recent statement on X(Formerly Twitter), pro-XRP lawyer Bill Morgan expressed his bewilderment at the contrasting weight given to court’s ruling and SEC’s statements regarding recent XRP ruling . Morgan’s statement comes from ongoing litigation surrounding classification of XRP as a security in Ripple Vs SEC lawsuit.
Court Or SEC, Who Has More Weight?
The lawsuit in question revolves around the SEC’s contention that XRP, a digital asset created by Ripple Labs, should be classified as a security. On the other hand, Ripple Labs has consistently argued that XRP is a digital currency and not a security.
Read more: XRP Lawyers Lambast NYDFS For Targeting Ripple, Calling The Action “Political”
However, this legal battle’s outcome is not yet known as the legal battle continues as the SEC now races to counter this verdict in a recent statement. Even if the SEC plans to review Judge Analisa Torres’s decisions from July, Ripple has made it clear that it has no plans to give up the fight. Recently, the president of Ripple, Monica Long, said that the blockchain payments business will see the SEC case through to the end.
Morgan’s tweet draws attention to a perceived inconsistency in the treatment of court rulings and SEC statements. He suggests that a court ruling affirming XRP’s status as not being a security should carry significant weight in the eyes of regulators. However, as per his online check, he points out that the list of cryptocurrencies sanctioned for custody and listing in the U.S. primarily comprises stablecoins, with Bitcoin and Ethereum being the notable exceptions.
Uncertain Future for XRP and Cryptocurrency Regulation in US
The implication is that despite the court ruling in favor of XRP, it might not mean that watchdogs will back down, especially now with the global regulatory status heating up with the US taking center stage.
As the lawsuit unfolds and the crypto community watches closely, the debate over the legal classification of digital assets as securities or commodities continues to be a critical issue for market participants, investors, and regulators alike.
Read more:US SEC Fails In Securing the Inspection of Binance US Software
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