Amid the escalating legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), voices of concern are growing louder within the XRP community over the prolonged delay in Judge Torres’ ruling. Australian attorney Bill Morgan has become a staunch critic of Coinbase’s treatment of XRP trading and the drawn-out nature of the lawsuit.
Morgan took to Twitter to express his frustration over the delay, pointing out that clients involved in legal proceedings often endure lengthy waits for judgments, sometimes surpassing a year.
We are all past well tired of waiting for it. Think how clients who are parties feel waiting sometimes over one year for a judgment which my clients have experienced many times. I guess XRP holders are in effect parties given the impact of the case on XRP. https://t.co/KSLB6HIbbQ
— bill morgan (@Belisarius2020) July 8, 2023
Moreover, Morgan questioned Coinbase’s inconsistency in its actions, including its decision to suspend secondary market trading of XRP while continuing to trade other cryptocurrencies and offering its staking service, which the SEC has deemed as securities.
While Morgan admittedly has little fondness for Coinbase, he clarified that his advocacy primarily supports John Deaton’s initiative and his contributions to the XRP community rather than Coinbase itself. Yet, his backing did not prevent him from openly criticizing Coinbase’s apparent hypocrisy and inconsistency towards XRP.
XRP attorney John E Deaton, representing nearly 75,000 XRP holders as an amicus or a “friend of the court” in the lawsuit, acknowledged Morgan’s critique of Coinbase’s actions. He confirmed that no one has been more critical of the exchange’s contradictory moves than Bill Morgan.
The recent class action lawsuit against Ripple accuses it of creating a “scheme to raise hundreds of millions of dollars through sales of XRP—an unregistered security—to retail investors,” violating both federal and state securities laws. However, Deaton downplayed the significance of the recent class action lawsuit, arguing that it is the least of Ripple’s concerns. He defended his projections for judgment, emphasizing that they were merely estimates based on previous cases presided over by Judge Torres.
