Courts Turning Against SEC’s Interpretation of Crypto: XRP Lawyer

  • Bill Morgan comments on the recent court rulings that refuted the SEC’s interpretation of crypto assets.
  • The XRP lawyer sheds light on Judge Failla’s acknowledgment of BTC and ETH as commodities.
  • Morgan also highlights Judge Torres’ ruling that decided XRP is not a security, reaffirming his optimistic belief in the SEC-XRP lawsuit.

Bill Morgan, a prominent Ripple attorney, has reaffirmed his optimistic outlook on the long-running U.S. Securities and Exchange Commission (SEC)-Ripple legal tussle. Morgan elucidated on the court’s stance against the Securities and Exchange Commission (SEC) in multiple lawsuits, and highlighted the repeated failure of the regulators in their lawsuits against crypto firms, as the court’s obiter turns against “the SEC’s version of cryptos’ nature”.

Morgan referred to Judge Katherine Polk Failla’s dismissal of the class action lawsuit against the decentralized exchange Uniswap Labs, where she ruled that bitcoin and ether are commodities rather than securities. In April 2022 Uniswap and its developers were accused of “rampant fraud” as six individuals lost money due to what they alleged to be scam tokens purchased on Uniswap. In the dismissal order released on August 30, Judge Failla acknowledged that BTC and ETH are commodities, stating:

The Court finds that the smart contracts here were themselves able to be carried out lawfully, as with the exchange of crypto commodities ETH and Bitcoin.

Morgan went on to reflect on Judge Analisa Torres’ ruling that secured Ripple Lab’s victory over the SEC, by concluding secondary sales of XRP are not securities. Morgan asserted that digital assets themselves are not commodities, reiterating “XRP itself is not a security”. The lawyer added that he believes that the SEC will lose “the three big cases that count”, namely those against Ripple Labs, Grayscale Investments and Coinbase. Meanwhile, another XRP advocate, John Deaton, who is known for robust defense of XRP against the SEC’s allegations, took to Twitter earlier today to discuss former SEC director William Hinman’s hearing in the SEC-Ripple case. He noted that Hinman testified that he knew how much ETH was held by the Ethereum Foundation and Consensus Holdings, but when subsequently asked about this by Ripple lawyers, he claimed to have forgotten.

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