An Australian-based pro-XRP lawyer known as Bill Morgan has momentarily taken sides with the United States regulator, the Securities and Exchange Commission (SEC) in its lawsuit with payment platform Ripple Labs.
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There is an accusation that Ripple manipulated the price of Bitcoin (BTC) and Ethereum (ETH) to give XRP an edge. According to a tweet by Morgan, it is possible that the SEC “may be correct” in this claim against Ripple.
As part of the summary judgment motion, an expert from the U.S. regulator’s office argued that many XRP investors increased their investment with the hope that they would make a profit via Ripple’s efforts. Furthermore, this expert explained that for the past five years, BTC and ETH gains have contributed to over 90% of XRP returns.
For Morgan, if this analysis is correct, it would mean that Ripple intentionally allowed the XRP price to be influenced by the constant fluctuations in the price of BTC and ETH and at the same time, controlled the XRP price as a centralized actor.
“But if the SEC’s expert is correct, you would need to posit that Ripple is allowing in some way XRP’s price to be controlled by price movements of Bitcoin and Ethereum to maintain Ripple is controlling the price as a centralized actor.”
“Paradoxically, the SEC may be correct about investors relying on Ripple’s efforts but not because of Ripple’s business efforts or sales of XRP, but its legal efforts defeating the SEC’s lawsuit should it be successful,” he added
Judge Verdict May Carry Mixed Victory
Jeremy Hogan, another pro-XRP lawyer who is also a partner at Hogan and Hogan has predicted a possible verdict for the Ripple and SEC lawsuit.
Speaking in idiomatic expression, Hogan suspects that Judge Analisa Torres may have to “split the baby”, thereby, giving both parties partial victory. In his argument, Hogan believes that the recent analysis admitted by the SEC expert may be in favor of Ripple Labs.
However, when the brochures which the defendant sent to over 100 investors in 2014 are considered, the SEC may be able to pin Ripple for offering registered securities. XRP community members are still optimistic that there will be a settlement soon, especially after the agreement for a summary judgment.
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