Lawyer’s perspective: Ripple wins lawsuit to avoid altcoins from being automatically classified as securities

Odaily Planet Daily News On the day the US SEC announced its charges against the creator of the “Stoner Cats” NFT, encryption lawyer Bill Morgan pointed out that although such cases did not establish a legal precedent, they did help to boost the SEC’s influence on the encryption industry. He emphasized the importance of Ripple Labs’ ongoing legal dispute with the SEC and said that if Ripple had not taken the SEC to court, all cryptocurrencies except Bitcoin might now be automatically classified as securities. On September 16, Morgan shared further thoughts on Judge Torres’ July 13 ruling regarding XRP. Morgan noted that although XRP is not considered a security, the regulatory outlook for its sale or use remains unclear due to the SEC’s appeal plans. Until that legal case and subsequent appeals are fully resolved, it remains unclear whether Ripple and its customers will feel safe under SEC regulation. Furthermore, Morgan observed that Ripple’s Liquidity Hub supports cryptocurrencies such as BTC, ETH, USDC, and USDT, but not XRP, which is understandable. He emphasized that Ripple’s main focus will be on serving its shareholders and customers, not XRP holders. He concluded by reiterating that Ripple is not legally bound by XRP holders, a view consistent with the court’s decision that XRP is not a security. (CryptoGlobe)