Pro-XRP Lawyer Declares Victory As Judges Dismiss SEC’s Crypto Stance
Bill Morgan criticizes the SEC's approach to cryptocurrency regulation, citing recent federal court rulings that challenge the SEC's classification of digital tokens like XRP as securities. In the SEC vs. Ripple case, Judge Analisa Torres stated that XRP is not a security, emphasizing it does not meet the Howey test for investment contracts. Judge William Orrick, in the SEC vs. Payward Inc. case, warned against conflating crypto tokens with investment contracts, asserting that tokens are not securities. Judge Ketanji Brown Jackson also rejected the SEC's theory that a crypto token embodies an investment contract in the SEC vs. Binance case. Morgan questions how many judicial comments are needed for the SEC to abandon its discredited theories. Despite these rulings, the SEC issued a Wells notice to OpenSea, alleging NFTs could be unregistered securities. XRP is currently trading at $0.5605.
