XRP Lawyer Thinks SEC Settlement with ripple Is ‘Impossible’, Here’s Why
XRP lawyer Bill Morgan has highlighted a key hurdle in the legal dispute between Ripple Labs and the Securities and Exchange Commission (SEC). This comes after Kraken, a popular crypto exchange, filed a petition to dismiss the SEC lawsuit filed against them, citing key details from the Ripple case.
Bill Morgan Believes Ripple and SEC Reconciliation Is Improbable
Morgan’s assessment revolves around kraken‘s recent actions, which he believes have greatly reduced the likelihood of a settlement in the Ripple and SEC case. He emphasizes that Kraken strategically leveraged Judge Torres’ decision regarding programmatic sales. Morgan believes this action “shows why the SEC will have a strong motivation to appeal Judge Torres’ decision.”
The lawyer therefore deemed a deal “impossible” in the near future, much to the dismay of Ripple’s XRP supporters. Previously, Morgan provided insight into Kraken’s legal defense strategy. He emphasized that the exchange emphasizes that there is no concrete relationship between issuers and buyers; This is an argument that also resonates with Judge Torres’ findings.
Additionally, Morgan explained Kraken’s position by stating that “securities require a certain relationship between the issuer and the buyer.” The XRP lawyer later emphasized that “the SEC has shown no relationship between the issuers of what the SEC calls ‘cryptoasset securities’ such as ALGO, ADA, and MATIC sold on the Kraken exchange, and Kraken’s customers.”
Additionally, Kraken’s legal defense parallels the SEC and Ripple case, especially regarding its profit expectations. Kraken’s motion, meanwhile, argued that “the SEC’s arguments are insufficient to defend a reasonable expectation of profit from the issuers’ efforts.” This claim, based on Judge Torres’ rulings, further complicates the SEC’s efforts to find a solution.
Also Read: Pro-XRP Lawyer Praises Kraken’s Ripple Citation in SEC Case
About Kraken’s Motion Against the SEC
In the latest filing, Kraken noted uncanny similarities to the case involving Ripple’s XRP. In the application, it was emphasized that there was no direct connection between the issuer and the buyer, which is an important defense tactic. The cryptocurrency exchange is taking a hard look at the SEC’s accusations against Ripple, trying to discredit the idea of expected profits based on the issuer’s efforts.
Specifically, Kraken’s analysis echoes concerns Morgan has expressed about the SEC’s alleged mishandling of enforcement actions. The crypto exchange’s decision to directly challenge the SEC is not made alone. Kraken argues that the timing of the SEC’s allegations against them, which coincides with the SEC’s push for limited oversight of digital assets, raises suspicions.
Also Read: XRP Whale’s Accumulation of 20 Million Sparks Speculation as Price Approaches $0.54
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