Pro-XRP lawyer Bill Morgan has joined the throng of prominent individuals to comment on the ongoing Kraken vs. SEC lawsuit, applauding the crypto exchange’s citation of Ripple vs. SEC in its recent filing.
Morgan’s post emerged during the early hours of Friday February 23, where he referenced Kraken’s filing to the US Northern District Court of California.
In its filing, Kraken argued that the US Securities and Exchange Commission (SEC) failed to build a relationship between crypto token issuers like ADA, MATIC, and ALGO, which are all traded on Kraken exchange and its clients.
However, the SEC’s allegations against Ripple, that it lacks issuer-buyer relationship, faces a serious challenge if Judge Analisa Torres’ summary judgment stands.
The summary judgment holding would adversely impact the SEC’s stance in the ongoing SEC vs. Ripple legal battle, and could imply further complications for the regulator.
Per the filing, the exchange asserts that its main exchange runs on a blind bid/ask basis, and this underscores Judge Analisa Torres summary judgment that Ripple’s programmatic sales of XRP on exchanges didn’t constitute a security.
Furthermore, Morgan also referenced that Kraken extended the argument, not only to XRP, but the other 11 digital assets listed and trading on their platform, challenging the SEC’s expansive interpretation of the securities laws.
Kraken also argued to quash the notion that Ripple sold its tokens with expectation of gain tied to issuer efforts.
In another post on X, Morgan further slammed the SEC’s attack against Kraken, where it sued the crypto exchange exactly one day after Kraken testified to Congress in favour of limiting the federal watchdog’s jurisdiction over virtual assets.
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