XRP Status Unaffected by Coinbase SEC Judgment, Lawyer States

In a recent exchange on X forum, Bill Morgan, a pro-XRP lawyer, provided detailed insights into the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Moreover, he responded to concerns raised about the impact of a recent Coinbase hearing on the case.

XRP Lawyer Provides Insight On Ripple Vs SEC Case

Morgan took to X reassured users that the latest Coinbase vs SEC judgment would have a “neutral” affect on the Ripple lawsuit. He stated, “This was a default judgment concerning secondary market sales of several cryptos… that did not include XRP.”

In addition, Morgan elaborated on the nature of default judgments, emphasizing their limited precedential value due to the absence of contested arguments and evidence. He stated, “Default judgments are judgments given when the other party just fails to defend… They have low value as precedents.”

When questioned about Judge Torres’ ruling regarding XRP’s security status, Morgan directed users to page 14 and 15 of the summary judgment decision that elaborated on the section titled “The XRP Token.” Moreover, he underscored, “It is clear reasoning and I cannot add to the clarity the Judge gave us.”

Regarding potential appeals and their impact, Morgan pointed out that the SEC had acknowledged XRP’s classification as not being a security. Furthermore, he noted,

“Even if totally successful on appeal, it will only impact on Ripple’s programmatic sales… and not extend to other secondary market sales.”

Throughout the exchange, Morgan engaged with users, addressing criticisms and providing detailed explanations to clarify complex legal nuances. As the Ripple vs SEC case unfolds, Bill Morgan continues to provide insightful analysis and predictions regarding its future trajectory.

Also Read: Coinbase Vs SEC: CLO Paul Grewal Rejects Secondary Crypto Sales Ruling Precedent

Coinbase CLO’s Take On Latest Judgment

Amid the Coinbase vs SEC legal battle, Coinbase’s CLO Paul Grewal reflected on the recent default judgment. He stated,

“The whole point is that the defendant didn’t show up…So the judge literally has the SEC on one side and no one on the other.”

Additionally, he expressed concerns over the imbalance in such proceedings, where the absence of the defendant leads to one-sided rulings. Moreover, the Coinbase CLO highlighted the judge’s reliance solely on SEC arguments, stating, “The judge literally has the SEC on one side and no one on the other.”

He also noted the judge’s failure to consider any opposing viewpoints, such as amicus briefs or contradictory papers. Grewal asserted that default judgments lack value as precedent or persuasion in future cases. He stated, “They are not worth anything as precedent or persuasion.”

Also Read: XRP Whales Dump 43 Mln Token Amid SEC’s Deadline Extension, What’s Next?