With the crypto community still on edge, awaiting the official end of the long-running legal battle between Ripple and the United States Securities and Exchange Commission (SEC), prominent commentators on the case have Chia more insights.
As it happens, one of them is legal expert Bill Morgan, who recently highlighted the fact that XRP is currently the only digital asset with legal clarity in the US – no Not Bitcoin (BTC) or Ethereum (ETH), as he explained in X, post published on September 24.
Specifically, he said:
“The XRP community clearly understands that a speech that the SEC itself denies as reflecting their official views cannot provide Bitcoin and Ethereum with the same legal clarity that a court decision that XRP currently has are enjoying. It's good that others are starting to realize that fact.”
'Speech is not law'
Indeed, Morgan is referring to the video Chia by user X Digital Asset Investor. XRP and RIZ. XRP , in which Joseph Grundfest, a legal scholar and a renowned expert on Capital markets, corporate governance, and securities litigation, argued that:
“Speeches do not have the force of law, whether delivered by the chairman or division director of the SEC. Determinations as to whether Bitcoin and Ether are securities will, as a matter of fact, be made by the federal courts if and when appropriate litigation actually arises.”
As Grundfest further highlights:
“The logic in the speech may or may not be convincing, but it is still just a speech, but it will not have any previous effect.
Again, unless the SEC takes formal regulatory action, the SEC's speeches and other statements will not have the force of law.”
“Second, and perhaps most intriguing, Division Director Hinman's analysis depends on his understanding of the state of the facts regarding Bitcoin and Ether as of June 2018.
What is his understanding of the state of truth? We do not know. There was nothing in the speech where the Division Director explained anything about Bitcoin or Ether that led him to the conclusion that it was sufficiently decentralized.”
Meanwhile, the XRP Token at the center of this legal drama was at the time of writing trading at $0.496199, recording a 2.35% decrease on the day, up 0.78% from last week. while losing 4.82% of its value over the past month, according to September 25 data.
General Bitcoin News.
