Bill Morgan refutes claims that the Ripple lawsuit ruling will reshape XRP’s legal status, clarifying that no broad crypto redefinition is expected.
Lawyer Bill Morgan believes the ruling will not redefine the status of XRP and other digital assets, contrary to widespread speculation, which has sparked a vigorous debate. The lengthy Ripple litigation is on the brink of a resolution, as Judge Torres is anticipated to render her final decision soon.
Will the legal status of XRP be affected by the upcoming XRP lawsuit ruling?
The XRP community anxiously anticipates Judge Analisa Torres’ forthcoming ruling in the Ripple lawsuit, and speculation regarding the potential outcome has reached a fever pitch. Attorney Bill Morgan refutes the notion that the ruling could redefine the legal status of cryptocurrencies, even though many anticipate this outcome. In his most recent X post, Morgan stated, “This is inaccurate.”
It is important to note that the attorney’s post responds to a thread by influencer John Squire, which suggested that the upcoming XRP lawsuit judgment could affect digital assets. He recognized that the ruling could “redefine the legal status of digital assets in the United States.”
Morgan refuted the notion, stating that Judge Torres’ decision will concentrate on whether there are exceptional circumstances to reduce the penalty and dissolve the injunction, as indicated by the joint motion submitted last week. Ripple and the SEC jointly submitted a motion for an indicative judgment, which was their second attempt following the judge’s initial rejection, as CoinGape reported. Morgan proposed that the ruling would not alter the status of digital assets in the United States.
There is no effect on the summary judgment order
Furthermore, Bill Morgan cast light on the potential consequences of Judge Torres’ decision regarding the joint motion in the Ripple lawsuit. Morgan emphasized in the filing that the settlement will not impact the court’s previous substantive rulings on the SEC’s claims. The filing stated that the Summary Judgment Order will remain in place, thereby ensuring that the public interest in preserving the Court’s substantive judgments on the merits of the SEC’s claims is not compromised.
Furthermore, the filing maintains that neither party intends to modify, amend, or vacate the Summary Judgment Order. The filing states, “The Order will remain unaltered and will continue to bind the parties following the principles of claim and issue preclusion.”
The timeline of Judge Torres’s ruling remains uncertain despite these calculations. Marc Fagel, an ex-SEC counsel, observed that the August 15 deadline pertains to the appeal process’s delay rather than the judgment itself. Fagel reiterated his stance in his most recent X post, further solidifying his statement.
The court has no fixed deadline for a ruling… It could happen in the next day, next week, next month, whenever. Anyone saying otherwise is just making it up.
