Bill Morgan, a prominent pro-XRP lawyer, has recently commented on the legal dispute between Ripple Labs and the United States Securities and Exchange Commission (SEC) over XRP’s non-security status. On Thursday, January 11, Morgan used the social media platform X to announce that the battle has concluded.
Morgan’s statement was in response to the SEC’s latest motion in the ongoing case. He indicated that while the war over XRP’s non-security status is over, the fight for post-complaint ODL sales since December 2020 is just beginning. Accompanying his post was a screenshot of a section from the SEC’s most recent filing, detailing the agency’s attempt to file an interlocutory appeal at an earlier stage of the lawsuit.
The SEC had submitted a new motion requiring Ripple to provide two key documents and respond to an interrogation. The requested documents relate to Ripple’s audited financial statement from 2022 to 2023 and the company’s post-complaint contract controlling its institutional sales of XRP. The SEC’s attorneys also requested permission to launch an interlocutory appeal against Judge Analisa Torres’ decision that some of Ripple’s offerings and sales of the digital asset were not securities.
This follows Judge Torres’ declaration that Ripple’s programmatic sales and other XRP distributions were not illegal, and contrary to the commission’s claim, the token is not a security. Morgan has emphasized that the community may see a vigorous legal battle during the remedies phase due to Ripple Labs’ objection to all the SEC’s requests for documents and interrogatories.
The recent filings by the SEC focused on sales of the token to institutional investors, marking the first official motions by Ripple and the SEC concerning the lawsuit’s remedies phase. The remedies aspect of the SEC vs. Ripple lawsuit is currently in the discovery phase, with both parties expected to complete all remedy-related discoveries by February 12.
Following the submission of remedy-related documents and a reply brief from the SEC, Judge Torres will determine the appropriate penalty for Ripple’s sale of XRP to institutional investors. The SEC is targeting the $770 million earned from XRP sales to institutions. The required statements will provide the regulator with information about the cost and earnings associated with these institutional sales.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Analisa Torres, Bill Morgan |
| Companies | Ripple Labs, United States Securities and Exchange Commission |
| Currencies | XRP |
| Securities | None |
