BCGAME - Free 5BTC Daily Bonus!Amid the ongoing lawsuit involving the U.S. Securities and Exchange Commission (SEC) and Ripple and the recent developments in the case, some discussions are taking place on social media by the legal community regarding the status of Ripple's native token. Ripple, the XRP.
Currently, in the ongoing lawsuit, XRP is facing the final stages of the legal battle over whether or not the token is a security. Prominent crypto attorney Bill Morgan, along with social media commentators Joe Sho and James Farrell, recently debated the issue. In his brief, Morgan disputed Sho’s claim that the Court of Appeals can label the XRP token as a security.
In his argument, Sho argued that a de novo review by the Court of Appeals could ignore the previous findings and label Ripple’s native token as an investment contract. This view is in line with other cases in the cryptocurrency world, including a recent decision in the Terra case.
“Either way, it again means that the Court of Appeals is not bound by the district’s decisions and therefore can explicitly or implicitly hold that XRP itself is a security. (Just as Judge Rakoff did in the Terra case, “There is no genuine dispute that UST, LUNA, wLUNA, and MIR are.”)
Morgan, commented on the subject, highlighting: “I agree with what James says about the new, but I disagree that the incorporation theory, even if explicitly or implicitly accepted, disturbs or is inconsistent with the finding that XRP itself is not a security.”
SEC vs Ripple: Court announces important date in case
In one new update in the process involving the United States Securities and Exchange Commission (SEC) and Ripple Labs, the United States Court of Appeals for the Second Circuit recently announced an important date.
Specifically, the court hearing the case ordered the SEC to file its brief in the lawsuit against Ripple by January 15 of next year, complying with a request made by the regulator recently. It is worth remembering that, on October 24, the United States Securities and Exchange Commission (SEC) requested an extension to finalize its main argument in the lawsuit against Ripple, a move that resonated throughout the XRP community. The SEC's request sought to postpone the deadline until January 15, 2025.
