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Ripple Lawyer Slams ‘XRP Has No Legal Clarity’ Claim as Biggest Crypto Lie

Bill Morgan strongly refutes an X user's criticism, labeling the claim that XRP lacks legal clarity as 'the biggest lie in crypto.'
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Ripple Lawyer Slams ‘XRP Has No Legal Clarity’ Claim as Biggest Crypto Lie

Highlights

  • An X user slams XRP stating that the token lacks legal clarity.
  • Bill Morgan dismisses the criticism, pointing to Judge Torres' ruling.
  • Morgan asserts that XRP possesses greater judicial clarity compared to Bitcoin.

Ripple lawyer Bill Morgan sparked a heated debate on X, refuting claims that XRP lacks legal clarity. Morgan strongly pushed back against an X user who criticized XRP, arguing it lacks legal clarity and institutional support.

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Bill Morgan Defends XRP’s Legal Status

In response to an X user’s harsh criticism over XRP’s legal clarity, attorney Bill Morgan disputed the claim, pointing to existing legal precedent. The critic cited concerns over the token’s legal clarity, institutional backing, and potential use cases. Ignoring Judge Analisa Torres’ decision in the high-profile Ripple lawsuit that XRP isn’t a security, the critic wrote, “XRP has no legal clarity.”

Morgan retorted, arguing,

“To say XRP has no legal clarity is the biggest lie I have seen in crypto this year.” Reflecting on Judge Torres’ 2023 ruling that Ripple’s coin does not constitute a security, Morgan validated his point.

Further, he stated that the dicta in the Ripple case provide a degree of legal clarity, serving as persuasive authority. He emphasised that there’s no contradictory finding that the Ripple token is a security. Morgan also highlighted that the reasoning behind the ruling, which concluded the token isn’t a security, is persuasive. Furthermore, he believes the Ripple coin has more judicial clarity than Bitcoin, which lacks any such clarity.

Morgan’s statement carries significant weight, particularly given the potential settlement in the Ripple vs. SEC case. Though Judge Torres rejected both parties’ joint request for an indicative ruling, the community anticipates an imminent conclusion.

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Does XRP Lack Legal Clarity in Ripple Lawsuit?

In the landmark ruling, Judge Torres clarified the status of XRP, determining that while institutional sales constituted securities transactions, the token itself was not a security when sold on exchanges or through other distributions. The ruling was hailed as a significant win not just for Ripple but for the broader cryptocurrency industry.

Bill Morgan has been vocal about the Ripple vs. SEC case and the token’s legal status. Previously, he stated,

The SEC’s inability to demonstrate that Ripple promoted XRP to retail purchasers is a testament to the unique circumstances underpinning the case. This is not merely opinion; it’s a matter of legal fact…Legal clarity for XRP has been established, irrespective of ongoing or future cases against other tokens or entities. It’s time to move beyond the FUD and focus on the path ahead.

Significantly, Ripple secured a partial win in the XRP lawsuit at a time when many crypto platforms and tokens were embroiled in similar cases. Thus, experts like Fred Rispoli and Digital Asset Investor acknowledged the Ripple coin as the only cryptocurrency with legal clarity. Rispoli stated following the ruling, “Only BTC and XRP are large-cap tokens that have legal clarity.”

Interestingly, this debate has reignited following the recent reappearance of a mysterious filing. As CoinGape reported, Bill Morgan pointed out Justin Keener’s submission of a motion for presenting “decisive evidence” in the Ripple lawsuit for a second time. This move has further fueled speculations of the Ripple lawsuit outcome and the filing’s possible implications.

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Nynu V Jamal

Nynu V Jamal is a Senior Journalist at CoinGape. She boasts more than 3 years of experience in content writing, with expertise in crypto and blockchain. She has contributed to platforms like CoinEdition and CryptoTale, demonstrating her proficiency in navigating the dynamic crypto landscape. Beyond her journalistic pursuits, Nynu is a literary enthusiast, having served as an Assistant Professor of English Language and Literature. She is a Master's degree holder in English Literature and a UGC NET qualifier. Her academic background has enabled her to publish research papers on literature, while also nurturing her creative side as a published poet. Her creative side extends to music, crafts, and art, which she actively explores. Her unique blend of analytical and creative skills allows her to craft engaging stories that captivate audiences. Stay updated with Nynu on LinkedIn

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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