Bill Morgan Slams SEC’s $2 Billion Ripple Penalty as Legal Battle with XRP Intensifies

The SEC vs Ripple lawsuit escalates as the SEC seeks $2 billion as a penalty from Ripple Labs over alleged unlawful XRP sales. Ripple’s Chief Legal Officer has also mentioned that the SEC is too harsh. The Securities and Exchange Commission dropped charges against Ripple’s CEO and co-founder. However, U.S. Judge Analisa Torres said XRP isn’t a security. 

There’s talk about a possible Supreme Court showdown on April 22nd. Ripple will defend itself by challenging the SEC’s penalty request and using evidence from other cases, like Coinbase’s. Attorney John E. Deaton is also helping thousands of Coinbase customers in a case against the SEC, which could benefit Ripple.

Bill Morgan’s Critique of SEC’s $2 Billion Ripple Demand

Bill Morgan, a pro-XRP lawyer, has publicly criticized the US Securities and Exchange Commission (SEC) for demanding $2 billion from Ripple Labs to settle their legal battle. Morgan argues that it’s illogical for Ripple, which has largely succeeded in defending itself in the lawsuit, to pay such a hefty amount to the SEC. His comments have stirred discussions within the XRP community, with many questioning the fairness and rationale behind the SEC’s demand.

In fact, he also points out that the crypto market should be questioned about the worthlessness of utility and legal clarity, and not XRP. 

Read more: Ripple vs. SEC Lawsuit Heats Up With $2 Billion Penalty on the Line: What Next?

Deaton Amplifies Coinbase Customers’ Stand Against SEC

John E. Deaton, an attorney and advocate for XRP holders, has filed to represent nearly 4,701 Coinbase customers in the SEC vs. Coinbase legal battle. This strategic move strengthens the collective fight against the SEC’s unclear classification of cryptocurrencies. In addition, it could have significant implications for Ripple’s separate legal case against the SEC. Coinbase’s challenge to the SEC’s application of the Howey test aims to clarify crypto regulation. Its outcome may strengthen Ripple’s position or fortify the SEC’s case, shaping the future regulatory landscape for the entire crypto industry.

XRP’s Price and Legal Deadline

XRP dropped 0.81% to $0.5248 on Sunday after rising on Saturday. Investors are keenly watching the SEC and Ripple’s legal battle, with Ripple’s response due by April 22. The full details will come out on April 24. Ripple needs to show that most XRP sales after the complaint were to non-US investors to lessen penalties. 

The SEC wants $2 billion to stop Ripple from selling XRP to big investors. Ripple’s response is its last chance before Judge Analisa Torres makes a decision. Investors are also watching for any SEC appeal. However, technical signs show XRP’s price might drop, but a rise to $0.5739 is possible.

Read More: Is the Ripple vs SEC Lawsuit Holding XRP Price Back?