XRP News Today: Ripple-SEC Case: Lawyers Reject Claims of Price Manipulation

Prominent attorney and XRP supporter Bill Morgan has refuted the viral claim circulating within the crypto community that Ripple's legal battle with the SEC is more about performance than prosecution. This claim suggests that the ongoing case serves a strategic purpose to control XRP’s price while Ripple quietly seals key international partnerships. Morgan, however, maintains that the idea of a staged legal war lacks merit, despite the slow pace of the court process.

Morgan's criticism is directed at the recent motions filed by both Ripple and the SEC, which he described as “weak” and seemingly designed to delay closure “on a hope and a prayer.” He acknowledged the frustration within the community regarding the lawsuit’s extended timeline but emphasized that procedural choices do not point to collusion or manipulation. Another well-respected attorney, Fred Rispoli, also referred to one of Ripple’s motions as “not the strongest attempt,” suggesting the company could have done better to bolster its arguments for an indicative ruling.

This year began with renewed optimism for resolution in the Ripple-SEC case. In March, Ripple accepted a reduced civil penalty of $50 million as part of a proposed settlement, while the SEC indicated it would request that the court withdraw the injunction preventing institutional XRP sales. However, this momentum stalled when Judge Analisa Torres rejected two joint motions seeking to vacate the injunction and finalize the reduced penalty. The first motion was denied in May because Ripple and the SEC failed to properly invoke Rule 60(b), and the second motion was denied in June due to the lack of “exceptional circumstances” required to modify the prior decision.

Despite these setbacks, the case remains unresolved. The final step, which would be a formal SEC withdrawal and court filing, has yet to occur, prolonging the case beyond what many had anticipated. Morgan criticizes the weak joint motions for causing delays, framing them as poor legal strategy rather than deliberate suppression of XRP. He rejects claims of manipulation, emphasizing these legal missteps over conspiracy. This distinction is critical, as frustration with the slow process doesn’t prove the lawsuit is a coordinated setup.

The Ripple-SEC lawsuit has significant implications for the entire crypto industry. A ruling in favor of the SEC could set a precedent that affects other cryptocurrencies, potentially leading to increased regulatory scrutiny and compliance requirements. The expert's refutation of the viral claim underscores the complexity of the Ripple-SEC case and the broader implications it has for the crypto industry. As the legal battle continues, the outcome will likely shape the regulatory landscape for cryptocurrencies, influencing how they are classified and regulated in the future. The expert's analysis serves as a reminder that the SEC's actions are driven by a commitment to investor protection and market integrity, rather than a desire to influence the crypto market for performance purposes.