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Supporter of XRP, lawyer Bill Morgan, expressed his astonishment at the incomprehensible inconsistency that emerged after the court’s decision and the SEC’s recent XRP ruling in his latest statement on X (formerly known as Twitter). Morgan’s statement comes amid the ongoing case surrounding the classification of XRP as a security in the Ripple vs. SEC lawsuit.
Analysis of the XRP Case
The case revolves around the SEC’s claim that XRP, a cryptocurrency created by Ripple Labs, should be classified as a security. However, Ripple Labs has consistently maintained that XRP is a cryptocurrency and not a security.
Nevertheless, discussions about the outcome of this legal battle continue in the crypto community, as the SEC recently announced its intention to challenge the court’s decision. It is possible that the SEC plans to review Judge Analisa Torres’ rulings from July.
Despite this, Ripple has made it clear that they do not plan to give up the fight. Monica Long, President of Ripple, recently stated that the SEC case will bring clarity to the future of blockchain payments.
Morgan’s tweet highlights the perceived inconsistency in the interpretation of court decisions and SEC statements. It continues to emphasize the importance of a court ruling that declares XRP is not a security in the eyes of regulators.
However, according to online sources, the list of approved cryptocurrencies for custody and listing in the US primarily includes stablecoins, with Bitcoin and Ethereum being notable exceptions.
XRP and Cryptocurrency Regulation in the US
In light of these developments, it is important to note that even if the court rules in favor of XRP, especially with the global regulatory situation coming into play, it does not necessarily mean that regulatory bodies will backtrack.
As the case progresses and the crypto community closely follows, the debate over the legal classification of crypto assets as securities or commodities will continue to be a critical issue for market participants, investors, and regulators.
