- Legal expert Bill Morgan argues Judge Jackson’s ruling strengthens the case that XRP is not a security.
- Judge Jackson cited Judge Torres’ ruling in the Ripple case, emphasizing the need to distinguish between digital coins and offers to sell them.
Renowned proponent of XRP, legal expert Bill Morgan, has said that the recent Binance case decision by District Judge Amy Berman Jackson strengthens the position that XRP is not a security. In dismissing portions of the SEC’s action against Binance, Judge Jackson cited Judge Analisa Torres decision in the Ripple case.
Dismissal of SEC’s Claims
In her decision on Friday, Judge Jackson rejected the SEC’s argument that secondary market sales of Binance’s BNB coin qualify as securities, as previously reported by CNF. She underlined the significance of making a clear distinction between offers to sell digital currency and the coins themselves.
The legal environment of cryptocurrencies depends critically on this distinction in order to comprehend their nature.
Judge Jackson defended her decision with a number of district court decisions regarding SEC enforcement proceedings on cryptocurrency. In these instances, courts distinguished between the tokens and the purported investment contracts.
This recurrent distinction draws attention to an important legal interpretation that may have a big influence on digital assets in the future.
Judge Torres Statement in Ripple Case
Judge Torres assertion that the XRP token is not an investment contract was one of the key citations in the Ripple case statement.
According to Judge Jackson, each of these distinctions fits the Supreme Court’s definition of “security.” This agreement with higher court opinions gives her decision a lot of weight.
The @CoinDesk article fails to acknowledge that one these judges who made “clarifying and persuasive” observations differentiating the crypto asset itself from the alleged investment contracts was Judge Torres concerning XRP and that that this decision reinforces that the… https://t.co/Pnlos3IBEo pic.twitter.com/JMj3FCk1Fi
— bill morgan (@Belisarius2020) June 29, 2024
Morgan attacked CoinDesk in his analysis of the judge Jackson decision for omitting to mention that Judge Torres was one of the judges whose opinions Judge Jackson found illuminating and persuasive. This omission disregards the crucial legal argument separating a cryptocurrency asset from the purported investment contracts.
Reinforcing XRP’s Status
Morgan emphasized the need of Judge Jackson’s decision by saying that it supports Judge Torres’ July 13, 2023, order that XRP is not a security. Both the XRP community and holders need to see things from this angle.
Meanwhile, CoinMarketCap data show that the price of XRP at the moment of writing is about $0.4724, down 0.71% in the last 24 hours and in a bearish 9.30% position over the previous seven days.
On the other hand, CNF has covered Ripple’s Chief Legal Officer’s (CLO) disclosures of purportedly improper SEC activities. These claims make the legal and regulatory framework for cryptocurrencies, especially XRP, even more complex.
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