Bill Morgan shared a screenshot which includes a statement passed by SEC’s expert, which showed that Ripple was not impacting the price of the XRP coin.
Ripple is a San Francisco headquartered fintech company that provides cross-border payment services to small & big companies with the help of XRP tokens. Ripple Labs is the engineering team behind the XRP ledger. Since Dec 2020, The United States Securities and Exchange Commission (SEC) and Ripple have been in a legal fight over the nature of the XRP coin.
On 7 April 2023, Pro Crypto attorney Bill Morgan shared a screenshot that clearly showed that SEC’s experts themself admitted that after mid of 2018, the performance of the XRP coin was parallel with Bitcoin & Ethereum coins.
It was surprising to me that the SEC’s own expert conceded that since mid-2018 onwards that Bitcoin and Ethereum price movement can explain as much as 90% of XRP’s price movement./1 pic.twitter.com/0ZA33On6EO
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
— bill morgan (@Belisarius2020) April 7, 2023
Morgan noted that it is still not enough to show that XRP is not a security, as Ripple company holds huge amounts of XRP coin. Allegedly Ripple company manipulates XRP price, SEC already claimed through the lawsuit.
This legal expert noted that the SEC agency alleged that Ripple controls the price of the XRP coin but here attached screenshot, containing the SEC’s expert opinion on the performance of the XRP coin, is showing that XRP coin performance was independent of Ripple’s performance or efforts.
Through these opinions, Morgan concluded that XRP coin sale post 2018 will not be subject to Securities law and surely it will help Ripple’s defense lawyers to fight against the SEC.
On this shared screenshot, Pro-XRP attorney Jeremy Hogan also shared his opinion and noted that the Ripple vs SEC lawsuit may split and further it will result in a very small fine on Ripple & its executives, as post-2018 XRP coin sale was not against securities law.
Hogan predicted that now there are huge chances that XRP coin will trade on the Coinbase exchange.
What would that possibly mean? Ripple would pay a fine (which, by my calculations it could afford) and move forward with its business and now with XRP being the only crypto with "clarity."
Maybe Coinbase will only be selling Bitcoin and…XRP by next year?
— Jeremy Hogan (@attorneyjeremy1) April 7, 2023
Read also: Robinhood Holding 25% Dogecoin Supply
Pro Crypto Lawyer Says XRP Sales Post-2018 Were Not Against Securities Law
https://bitcoinik.com/pro-crypto-lawyer-says-xrp-sales-post-2018-were-not-against-securities-law/feed/
https://bitcoinik.com/pro-crypto-lawyer-says-xrp-sales-post-2018-were-not-against-securities-law/feed/
