Pro-XRP Legal Expert Wishes SEC the Worst
Bill Morgan, a pro-XRP legal expert, has expressed his negative sentiments towards the US Securities and Exchange Commission (SEC) following the Commission’s decision to dismiss its claims against Ripple’s executives Brad Garlinghouse and Chris Larsen. In a series of posts on his X platform, Morgan stated that he sincerely wishes the Commission all the worst in the penalties phase of the litigation and hopes that the court awards the smallest penalties possible.
The Penalty Phase and Possible Fine
Morgan is referring to the penalty phase, where the SEC and Ripple are expected to determine the possible fine that Ripple has to pay for its institutional sales. Judge Analisa Torres ruled that these sales constituted investment contracts. However, if both parties cannot agree on a remedy, Judge Torres may need to intervene.
SEC’s Case Against Ripple Continues
The scheduled trial to hear the SEC’s case against Ripple and its founders will proceed despite the dismissal of claims against Garlinghouse and Larsen. The belief that the SEC can immediately appeal has been refuted, as Judge Torres must give a final judgment acknowledging the dismissal and deciding on remedies for the violation.
Why Morgan Believes SEC Deserves the Worst
Morgan laid a foundation for why he believes the SEC deserves negative outcomes in its case against Ripple. He highlighted how the Commission sought an injunction to halt future sales of XRP by Ripple, which would have had severe consequences for Garlinghouse and Larsen. He also noted that there were no allegations of fraud or evidence of investor harm against Ripple and its executives. Additionally, Morgan accused the SEC of deliberately delaying the case to increase the defendants’ legal costs.
Ripple’s co-founder, Chris Larsen, shared similar sentiments, stating that the SEC must be held accountable for its baseless claims and the negative impact it has had on innovation in the country.
Hot Take: Pro-XRP Legal Expert Expresses Disdain for SEC
Pro-XRP legal expert Bill Morgan has expressed his strong disapproval of the US Securities and Exchange Commission (SEC) after the Commission dismissed its claims against Ripple’s executives. Morgan wishes the worst for the SEC during the penalties phase and hopes for minimal fines. He criticizes the SEC for seeking an injunction against Ripple without evidence of fraud or investor harm and accuses them of intentionally prolonging the case to increase legal costs. Ripple’s co-founder, Chris Larsen, echoes these sentiments, holding the SEC accountable for baseless claims and damaging innovation in the country.
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