Ripple Lawyer Clarifies XRP’s Legal Status Amid Classification Debate
- Ripple lawyer Bill Morgan argues that the absence of formal classification does not imply legal ambiguity for XRP.
- Bitcoin is classified as a “commodity” by US SEC and CFTC, while XRP’s status was clarified in a recent court ruling.
- Judge Torres ruled that retail sales of XRP are not investment contracts, but institutional sales are.
- Morgan emphasizes that courts resolve specific legal issues rather than engage in classification for its own sake.
- The Digital Asset Market Clarity Act aims to provide clear crypto regulations in the US, supported by Ripple’s Chief Legal Officer Stuart Alderoty.
Bill Morgan asserts that Judge Torres’ decision provides necessary legal clarity by confirming XRP is not a security, countering claims of ambiguity due to lack of formal classification.
Source (2.6)https://coingape.com/ripple-lawyer-says-xrp-classification-argument-by-bitcoin-maxis-is-flawed/?rand=24432
