Attorney Morgan hopes that XRP community members debate Marc Fagel’s opinion instead of being discourteous to him.
Prominent Australian-based lawyer Bill Morgan hopes that XRP community members choose a more polite approach in reacting to comments by Marc Fagel, a former SEC lawyer, who alleged that Ripple violated Section 5 of the United States Securities Act. For clarity, section 5 requires all issuers of non-exempt securities to register with the SEC.
Fagel Says Ripple Violated Securities Law
Over the past week, Fagel claims that Ripple violated securities laws via its sales of XRP, which he describes as an unregistered security. The former SEC lawyer also asserts that the securities regulator has a better summary judgment argument than Ripple.
Additionally, Fagel said that based on his three decades of experience as a lawyer for and against the SEC, the regulator is correct to assert that Ripple violated section 5 of the Securities Act.
“My opinion, based on 30 years as a lawyer both for & against the SEC, is that the SEC is correct that Ripple violated Section 5,” he said.
Fagel Provokes XRP Enthusiasts
The former SEC lawyer has continued to be a thorn in the flesh of XRP community members by consistently stating that the regulator would be victorious against Ripple based on section 5.
Despite expressing confidence that the SEC will win the case, Fagel says he will not be surprised if the court grants summary judgment in Ripple’s favor.
“But I also wouldn’t be shocked if the court rules otherwise,” Fagel said.
However, Fagel’s previous assertions have continued to provoke XRP community members. In a tweet yesterday, an XRP community member accused him of being biased and ignorant for stating that Ripple offered unregistered security.
Fact is until Judge Torres says Ripple offered a unregistered security all of your comments prove your only bias , ignorant or both. So as of today Ripple has factually never offered a unregistered securities.
— Kashta☀️ (@Kashta9) May 3, 2023
Pro-XRP Lawyer Calls for Calm
Reacting to Fagel’s recent assertions, attorney Morgan urged XRP community members not to be discourteous to the former Securities and Exchange Commission lawyer. Instead, Morgan said they should thank Fagel for sharing his views and debate his opinion that Ripple violated section 5.
I would sincerely hope that rather than be discourteous to you members of the XRP community thank you for sharing your views & would take seriously and debate your opinion based on your highly relevant 30 years’ experience as a securities attorney that Ripple violated section 5 https://t.co/OUM57VfU6J
— bill morgan (@Belisarius2020) May 4, 2023
Potential End Date for SEC v. Ripple Lawsuit
Meanwhile, the lawsuit is gradually approaching its end. The parties have filed their respective summary judgment motions and await Judge Analisa Torres to issue a ruling.
At press time, there is no official date on when the Judge will rule. However, XRP community members rely on predictions made by CryptoLaw founder John Deaton, Ripple CEO Brad Garlinghouse, and the leading blockchain company.
While Deaton expects the ruling to come on or before May 6 based on Judge Torres’ previous ruling timeline, Ripple CEO believes the final verdict will come within the first half of 2023. Notably, Ripple is optimistic that Judge Torres will issue the ruling before the end of the year.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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