SNEAK PEEK
- Bill Morgan believes that fair notice has been given to everyone in the ongoing Ripple vs SEC case.
- Ripple’s sales to ODL customers continue due to not being investment contracts.
- SEC argues XRP is not a security, while Ripple maintains it is.
Recently Bill Morgan, has tweeted his views in the ongoing Ripple (XRP) vs Securities and Exchange Commission regarding the fair notice that Ripple had filed for.
Morgan tweeted that fair notice has been given to everyone. Gensler has repeatedly stated that all cryptocurrencies, except for Bitcoin, should be considered securities. As a result, Ripple’s sales to ODL customers who use it but don’t hold it as an investment continue because these sales do not qualify as investment contracts.
Everyone has fair notice now . Gensler had repeatedly said all cryptos except Bitcoin are securities. ripple’s sales to ODL customers who use it and don’t hold it as an investment still happen because these sales aren’t investment contracts https://t.co/cEoCQD6LKU
— bill morgan (@Belisarius2020) April 16, 2023
Morgan’s comments were made following a tweet by Jungle Inc, a member of the Ripple house of representatives. The tweet raised the question of what implications the introduction of a platform enabling XRP trading for prospective investors would have on Ripple’s potential Fair Notice defense.
Question for the attorneys:
What would be the implications for Ripple’s potential Fair Notice defense if, two years after facing litigation and with the lawsuit still ongoing, they introduced a platform that facilitated XRP trading for potential investors?@jesse_hynes…
— Jungle Inc (@jungleincxrp) April 16, 2023
This question was posed in light of the fact that Ripple has been facing litigation for two years, with the lawsuit still ongoing. The tweet brought attention to the potential impact of such a move on Ripple’s defense strategy and how it might be perceived by legal authorities.
On April 13th, Ripple’s lawyer, Michael K. Kellogg, wrote a response letter to the SEC regarding their “supplemental authority” letter. The letter strongly disputes the SEC’s claims that their stance on the Commonwealth case is relevant to the ongoing Ripple vs SEC case. Kellogg’s letter clarifies that the SEC’s Commonwealth case does not connect to Ripple’s case with the Crypto platform.
The ongoing litigation between Ripple and the SEC has been closely watched by the cryptocurrency industry, as it could set a precedent for how cryptocurrencies are regulated in the future. Ripple has maintained that XRP is a security, while the SEC argues that it is not a security.