đŁ Crypto Lawyer Counters Claim of XRP Being a Security
Bill Morgan counters BradPunkhouseâs claim that relying on a single token, like XRP, makes it a security.Legal issues: XRPâs legal dispute with the SEC in the US has a bearing on the coinâs control due to legal factors.The determination of XRPâs status can lay the basis for the regulations that would govern cryptocurrencies in the U.S.
Crypto lawyer Bill Morgan recently countered a claim by XPUNKNFTsâ founder, BradPunkhouse, on X. BradPunkhouse asserted that an ecosystem relying solely on a particular token automatically makes that token a security. In his post, the user criticised XRP, stating that Ripple relies solely on the crypto token. He compared Rippleâs activities with Solanaâs, claiming Solanaâs case differs due to how it utilises its native crypto, SOL.
Morgan challenged this assertion, emphasising that relying on a single token does not inherently make it a security. Kaj (BradPunkhouse) clarified that he had no issues with Ripple selling XRP. However, he criticised the fintech firm for not working with the XRP community to make the ecosystem thrive. He insisted Ripple developers should have been actively involved with the XRP community, stating that available data shows developers are critical.
đ¸ SEC Lawsuit against Ripple and itâs Rippleâs native token XRP
But it has been in a rather more sensational lawsuit with the U. S. Securities and Exchange Commission (SEC) over the nature of the token. Subsequently, the SEC intended the cryptocurrency to be a security if Ripple launched the said ICO. The case has taken a couple of years with many events or steps in the subject matter. Yesterday, an American judge made the remark that XRP itself can not be regarded as a security. This decision was regarded as a âpartial victoryâ for Ripple and for the potential of the general classification of cryptocurrencies.
Other features of the case between Ripple and the SEC have remained active.
