Legal Experts Clash Over Ripple’s Legal Victory and XRP’s Price Performance
In a recent turn of events surrounding the Ripple v. SEC case, Australia-based lawyer Bill Morgan has taken issue with Fox Business Senior Correspondent Charles Gasparino’s criticism of Ripple’s legal victory and its impact on XRP’s price performance. Gasparino, known for his outspoken views, particularly targeted the soundness of Judge Analisa Torres’ verdict and described it as “idiotic.”
Except all the securities lawyers for the many US exchanges who advised their clients they could relist XRP based on the ruling by Judge Torres https://t.co/NdOI5gsZFj
— bill morgan (@Belisarius2020) November 18, 2023
Charles Gasparino Criticized for Dismissing Judge Torres’ Ruling
Gasparino’s critique focused on Judge Torres’ decision to provide partial victories to both the SEC and Ripple, referring to it as “splitting the baby.” He went on to assert that this decision had made the U.S. District Court of the Southern District of New York a laughing stock. Gasparino’s comments, however, faced intense backlash, with CryptoLaw.US countering that the judgment did not split the baby and emphasized that XRP itself is not deemed a security.
Read Also: Terra (LUNA) Burning Update: 99.9% of LUNC Supply Incinerated in Ambitious Move by Terra LUNA Army
CryptoLaw further highlighted that Judge Torres, in her ruling, found Ripple’s programmatic XRP sales to be non-securities after applying the Howey test to the transactions. In response, Gasparino aimed for XRP’s current market performance, suggesting that the cryptocurrency is trading as if it has been split.
Gasparino added that no U.S.-based securities lawyer views Judge Torres’ decision as a model interpretation of securities law. Attorney Bill Morgan entered the fray, challenging Gasparino’s assertion by pointing out that securities lawyers associated with U.S.-based exchanges advised their clients to relist XRP following the July 13 summary judgment. This judgment clarified that XRP itself is not considered a security.
Read Also: Terraform Labs’ Bold Move: Pulsar Finance Acquisition Sparks Terra (LUNA) Resurgence
Several major U.S. cryptocurrency exchanges, including Coinbase and Kraken, subsequently relisted XRP in response to Judge Torres’ declaration. Attorney Morgan credited the argument to prominent XRP YouTuber Moon Lambo, who addressed Gasparino’s consistent criticism of Judge Torres’ ruling in a recent video.
As of the latest update, XRP is trading at $0.599, reflecting a 3% decrease over the past 24 hours. Over the past seven days, XRP has experienced a 9% decline, and in the past two weeks, the cryptocurrency has dipped by 2.4%, according to CoinGecko data. The ongoing clash between legal experts and media figures underscores the complex interplay between legal decisions, public perception, and market dynamics in the cryptocurrency space.
Follow us on Twitter, Facebook, Telegram, and Google News
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
