In a recent discussion on an X forum, seasoned lawyer and digital asset enthusiast Bill Morgan delved into the ongoing legal clash between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Following a buzz about a Coinbase hearing, Morgan reassured users that the judgment’s impact on the Ripple lawsuit would be “neutral.”
Addressing concerns, he clarified that the recent Coinbase v. SEC judgment specifically dealt with secondary market sales of certain cryptocurrencies, excluding XRP. Morgan emphasized the limited significance of default judgments, pointing out their lack of contested arguments and evidence.
“This was a default judgment concerning secondary market sales of several cryptos… that did not include XRP.”
Bill Morgan
Responding to questions about Judge Torres’ ruling on XRP’s security status, Morgan directed users to specific sections of the summary judgment decision. Notably, pages 14 and 15 shed light on “The XRP Token.” Morgan refrained from adding personal commentary, letting the judge’s reasoning speak for itself.
Also Read: SEC Leverages Coinbase Insider Trading Case to Strengthen Binance Lawsuit
SEC’s Acknowledgement
Addressing concerns about potential appeals, Morgan clarified that the SEC had acknowledged XRP’s classification as not being a security. Even if successful on appeal, the impact would be confined to Ripple’s programmatic sales and not extend to other secondary market sales.
Coinbase’s Chief Legal Officer, Paul Grewal, shared his perspective on the recent default judgment. Expressing concerns about the value of default judgments, especially when the defendant fails to appear, Grewal stated, “They are not worth anything as precedent or persuasion.”
Shifting focus to the XRP Ledger, our investigation reveals a significant surge in the XRP burn rate amid a price rally. Data from XRPL explorer XRPScan unveiled a substantial increase, reaching 6,721 XRP on March 2, marking the highest intraday burn in over a month.
Read More: From $20K to $1.7 Million: How One Trader Struck Crypto Gold with XRP
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