- Pro-Crypto lawyer Bill Morgan, reacts to Court’s orders, requesting a $125 million payment from Ripple.
- The lawyer explains that a settlement can be reached if the SEC makes way for necessary appeal.
- The SEC, in an informal appeal, says it will challenge the Supreme Court’s recent decision.
Pro-crypto lawyer Bill Morgan asserted that Ripple received a fair hearing, despite the Supreme Court ordering Ripple to pay $125 million. The US Securities and Exchange Commission filed the lawsuit way back in 2020, alleging that Ripple sold XRP tokens as unregistered securities.
The SEC’s contention was that Ripple made over $1 billion in profit from its unregistered XRP token sale thereby demanding over $2 billion in penalties. Ripple, in turn, insisted on paying a maximum of $10 million.
U.S. District Judge Analisa Torres rejected the SEC’s demand that Ripple transfer its profits to the regulator. The SEC expressed its disagreement with the court’s order, stating that the decision contradicts securities laws and Supreme Court precedent.
Bill Morgan on the Possibilities for Both Parties
The regulator stated in an informal notice of appeal, that it intends to challenge the SEC’s decision, but remains open to the option of settling with Ripple. However, Bill Morgan asserts that a settlement is unlikely to be reached, claiming that the SEC’s disdain for cryptocurrencies will prevent any form of settlement from occurring.
Read also : Ripple CEO Critiques SEC’s ‘Investor Protection’ After XRP’s 11% Price Drop
Sharing insights into the possibilities of a settlement, Bill Morgan stated that both Ripple and the SEC could settle issues raised through an appeal, adding that Ripple also has the option to cross-appeal on injunction and institutional sales.
On the status of XRP as either a security or a digital asset, Bill Morgan remains convinced that the SEC will not make the appeal necessary for the clarification and categorization of the asset. He claims that the SEC might appeal only on programmatic sales.
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