XRP News Today: Crypto Expert Bill Morgan Clarifies XRP Legal Status After Judge Ruling

Prominent attorney and cryptocurrency legal expert Bill Morgan has addressed claims made by market participants regarding the legal status of the XRP token. The lawyer responded to an individual on a social media platform who made several claims about the token, including a statement that XRP’s legal status remains undefined.

Morgan retorted, explaining that a judge had in fact established that XRP was not a security. Notably, the U.S. Securities and Exchange Commission did not counter the judge’s assertion during the legal battle between the regulator and Ripple. “This is a lie. XRP has been found by a judge not itself to be a security. The SEC Appeal did not challenge that finding. To say XRP has no legal clarity is the biggest lie I have seen in crypto this year.” The attorney wrote.

Analisa Torres, the judge of the United States District Court for the Southern District of New York, remarked that XRP was not an investment contract. However, Morgan said the judge’s opinion, also known as a “dicta,” does not qualify as a formal ruling. “Dicta does provide a degree of legal clarity. It is persuasive authority, and there is no finding to the contrary that XRP is a security. Also persuasive is the reasoning that led to the funding that XRP is not a security. It has more judicial clarity than Bitcoin which has none.” He added.

Ask Aime: What is the current legal status of XRP?

The attorney countered other Bitcoin-related claims, further establishing Bitcoin’s position in the market. “Bitcoin has not been deemed to be a commodity. Courts don’t deem things, they make findings.” He wrote. While there might have been an instance of an obiter, an in-passing statement made by a Judge, describing Bitcoin as a commodity, the attorney maintains that there is yet to be a court case in which Bitcoin has been declared a commodity.

Morgan's statements underscore the ongoing debate surrounding the legal classification of cryptocurrencies. The attorney's clarification on XRP's legal status provides a counterpoint to the claims of legal ambiguity, emphasizing the judge's ruling and the lack of challenge from the SEC. This clarification is significant for market participants who have been uncertain about the regulatory stance on XRP. The attorney's comments also highlight the distinction between dicta and formal rulings, providing a nuanced understanding of the legal landscape for cryptocurrencies.

The discussion around Bitcoin's classification as a commodity further complicates the regulatory environment for digital assets. Morgan's assertion that courts do not deem things but make findings underscores the need for clear judicial rulings to provide definitive legal clarity. The absence of a formal court case declaring Bitcoin a commodity adds to the regulatory uncertainty, making it crucial for market participants to stay informed about legal developments.

In summary, Bill Morgan's response to claims about XRP's legal status provides valuable insights into the regulatory landscape for cryptocurrencies. His clarification on the judge's ruling and the lack of challenge from the SEC offers a counterpoint to claims of legal ambiguity. The attorney's comments on Bitcoin's classification as a commodity highlight the need for clear judicial rulings to provide definitive legal clarity. As the regulatory environment for digital assets continues to evolve, market participants must stay informed about legal developments to navigate the complexities of the cryptocurrency market.