Pro-XRP Lawyer Declares End to Legal Battle Over XRP’s Non-Security Status
In the ongoing legal battle between Ripple Labs and the SEC regarding the non-security status of XRP, pro-XRP lawyer Bill Morgan has expressed his opinion on the lawsuit. According to Morgan, the war over XRP’s non-security status has come to an end.
Morgan shared his thoughts on social media platform X, stating that while the battle is over, the fight for post-complaint ODL sales since December 2020 has just begun.
SEC Requests Documents in Ongoing Case
In response to the SEC’s latest motion in the case, Morgan posted a screenshot of a section in the SEC’s filing that mentioned their attempt to file an interlocutory appeal earlier in the lawsuit.
The SEC recently submitted a new motion requiring Ripple to provide two important documents: their audited financial statement from 2022 to 2023 and their post-complaint contract controlling institutional sales of XRP.
The SEC also requested permission to launch an interlocutory appeal to challenge Judge Analisa Torres’ decision that some of Ripple’s offerings and sales of XRP were not securities.
Expectations for the Remedies Phase
Morgan predicts a fierce legal battle during the remedies phase as Ripple Labs objects to all of the SEC’s requests for documents and interrogatories.
The recent filings by both parties focus on sales of XRP to institutional investors. The remedies aspect of the lawsuit is currently in the discovery phase, with both Ripple and the SEC expected to conclude all remedy-related discoveries by February 12.
Deadline Approaching for Discovery Phase
After submitting remedy-related documents and a reply brief, Judge Torres will determine the appropriate penalty for Ripple’s sale of XRP to institutional investors. The SEC is seeking the $770 million generated from these sales.
The requested documents will provide the SEC with information about the costs and earnings associated with Ripple’s institutional sales of XRP.
Hot Take: Uncertain Future for XRP
The legal battle between Ripple Labs and the SEC over the non-security status of XRP has reached a turning point. With the war over, the focus now shifts to the remedies phase, where the fate of Ripple’s sales of XRP to institutional investors will be determined.
While Judge Torres has ruled that some of Ripple’s offerings and sales were not securities, the SEC is seeking a substantial penalty. As the discovery phase comes to a close, it remains uncertain what lies ahead for XRP and its non-security status.
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