Bill Morgan, a prominent lawyer in the cryptocurrency sector, recently responded to a tweet by Charles Gasparino, Senior Correspondent at Fox Business, regarding the potential implications of Donald Trump’s re-election for the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs. The comment has sparked significant discussion within the cryptocurrency community.
Gasparino’s original tweet highlighted the possibility that a new SEC administration under Trump could drop the appeal concerning the portion of the case Ripple won.
The appeal will be dropped because there was no error made in the part of the case the SEC lost and the political motive for continuing a near hopeless appeal will largely disappear when its main internal SEC enabler Gary Gensler resigns on 20 January 25. https://t.co/HfaepDv95c
— bill morgan (@Belisarius2020) November 28, 2024
Gasparino quoted Christopher Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC), who expressed a similar belief during a Fox Business segment. Gasparino described this scenario as plausible, noting that the political landscape under Trump could significantly influence the SEC’s litigation strategy.
In response, Bill Morgan asserted that the appeal would likely be dropped regardless of political dynamics. Morgan stated that the SEC’s appeal of the summary judgment, which ruled that certain XRP sales did not constitute securities transactions, is “near hopeless” due to the absence of any judicial error in the decision.
He further emphasized that the political motivations driving the appeal would diminish once Gary Gensler, the current SEC Chair, steps down, which he projected to occur on January 20, 2025, coinciding with the presidential inauguration.
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Legal and Political Implications
Morgan’s response underscores a key legal consideration in the SEC’s case against Ripple. The court’s ruling in July 2023 differentiated between institutional sales of XRP, deemed securities, and programmatic sales to retail investors, which were not.
This split decision was a partial victory for Ripple and the broader cryptocurrency industry. Morgan’s assertion that “there was no error” in the court’s ruling aligns with many legal experts who view the SEC’s prospects on appeal as weak.
The case has drawn significant attention due to its implications for crypto regulation in the United States. The SEC leadership under Gensler has been criticized for its aggressive enforcement actions against cryptocurrency firms.
A change in the SEC’s administration following the 2024 presidential election could impact its regulatory approach, particularly if Trump appoints officials with a more favorable stance toward cryptocurrencies.
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