Ripple vs SEC: Lawyer Bill Morgan Rages Over Misleading Article, Provides Case Update

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A recent news article covering the ongoing ripple ripple m***h@ripple.com Crypto / Blockchain SolutionPayment solution   vs SEC case sparked controversy as legal expert Bill Morgan publicly denounced its inaccuracies on Twitter. Morgan specifically refuted a statement attributed to him and clarified the actual developments in the legal proceedings.

Disputing Inaccurate Claims

The news article covering an update on the Ripple vs SEC case wrote about Bill Morgan, “Bill Morgan, a legal expert, argues that judges lack the authority to compel validators, crucial components of the XRP Ledger, to execute such a move.” 

Morgan expressed his dissatisfaction with the article, highlighting the misinformation contained within the part. He emphasized that he did not make the statement mentioned in the article and criticized the overall accuracy, calling it “utter nonsense.”

Addressing the misleading claim in the article, Morgan pointed out that the dispute doesn’t involve XRP being deemed a security as part of any potential agreement. He asserted that XRP has already been found not to be a security, and both parties are not seeking such a designation in a settlement agreement.

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Case Update from Bill Morgan

In response to renewed FUD (Fear, Uncertainty, Doubt) surrounding the SEC v Ripple case, Morgan provided a detailed update on the actual proceedings. He clarified that the case is not on the verge of settlement and outlined key events in January.

On January 11, the SEC filed a motion to compel Ripple to disclose its 2022 and 2023 financial statements and post-complaint contracts with institutions. Ripple responded on January 19, arguing that such discovery would lead to a mini-trial on the legality of post-contract sales to institutions.

The SEC filed a reply on January 23 demanding a mini-trial. The SEC stated that it wasn’t a big deal for Ripple to provide the findings of its post-complaint sales. Additionally, it claimed that it was not a significant burden for Ripple to discover these contracts, citing a prior case. Ripple sought and was granted leave to file a sur-reply stating the statements about the production by Ripple of post-complaint sales in the Zakinov matter. 

Morgan indicated that Judge Torres needs to rule on the SEC’s motion to compel swiftly, given the ongoing remedies phase timetable. Remedies-related discovery is expected to be completed by February 12, underscoring the urgency of the situation.

In Conclusion …

The Ripple vs SEC case continues to unfold with legal expert Bill Morgan discarding misleading information and providing valuable insights into the actual status of the legal proceedings. As the crypto community eagerly awaits further updates, the importance of accurate reporting on such intricate matters remains crucial.