Legal expert Bill Morgan contends that Judge Jackson’s recent ruling significantly bolsters the argument that XRP should not be classified as a security. Judge Jackson referenced Judge Analisa Torres’ pivotal decision in the Ripple case, underscoring the distinction crucial between digital currencies and offers to sell them.
Morgan, a prominent advocate for XRP, asserts that District Judge Amy Berman Jackson’s recent ruling in the Binance case reinforces the stance that XRP does not qualify as a security. Judge Jackson, while dismissing portions of the SEC’s lawsuit against Binance, cited Judge Torres’ precedent-setting decision in the Ripple litigation.
Judge Jackson’s decision last Friday saw her reject the SEC’s assertion that secondary market sales of Binance’s BNB coin constitute securities, as previously reported by CNF. She emphasized the importance of distinguishing between the sale of digital currencies and their classification as securities. This distinction plays a crucial role in shaping the legal landscape surrounding cryptocurrencies.
Judge Jackson backed her ruling with numerous district court precedents on SEC enforcement actions involving cryptocurrencies, where courts consistently differentiated between tokens and alleged investment contracts. This recurring legal interpretation holds significant implications for the future of digital assets.
Judge Torres’ statement in the Ripple case, declaring XRP not to be an investment contract, was a pivotal reference in Judge Jackson’s decision. This alignment with higher court interpretations lends considerable weight to her ruling.
In response to a CoinDesk article, Morgan criticized the omission of Judge Torres’ influential perspective on distinguishing cryptocurrency assets from alleged investment contracts. This distinction forms a critical legal argument.
Morgan highlighted that Judge Jackson’s ruling supports Judge Torres’ July 13, 2023, determination that XRP is not a security, a perspective crucial for the XRP community and stakeholders.
Meanwhile, according to CoinMarketCap data, the current price of XRP stands at approximately $0.4724, marking a decrease of 0.71% over the past 24 hours and a bearish trend of 9.30% over the previous week.
Additionally, CNF has covered disclosures by Ripple’s Chief Legal Officer alleging improper SEC activities, further complicating the legal and regulatory framework surrounding cryptocurrencies, particularly XRP.
Explore more:
– Buy Ripple (XRP) Guide
– Ripple XRP Wallet Tutorial
– Check 24-hour XRP Price
– More Ripple (XRP) News
– What is Ripple (XRP)?
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