Ripple’s lawyer reassured the community that the SEC won’t challenge XRP’s core non-security status at the first instance.
Community Concerns
Pro-XRP lawyer Bill Morgan addressed concerns about the SEC potentially using obiter dictum to challenge XRP’s status. He assured that while obiter isn’t final on appeal, the SEC has indicated its focus remains on Ripple’s institutional sales, not XRP’s core status.
Ripple vs. SEC Legal Battle
Morgan’s comments came amid the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). Ripple’s legal team dispelled speculation about the SEC’s appeal strategy to rely on obiter dictum—legal comments not central to the court’s ruling.
SEC Potential Appeal Strategy
These speculations sparked concerns that the regulator may attempt to challenge the status of XRP as a non-security on appeal. However, the Ripple lawyer reassured the community, stating the SEC’s primary focus on appeal will be on institutional sales by Ripple.
In conclusion, Ripple’s lawyer reassured the community that the SEC’s focus in the appeal will be on Ripple’s institutional sales, not XRP’s status.
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