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Cryptocurrency News Articles
XRP Attorney Bill Morgan Praises MetaLawMan's Analogy of XRP Sales to the Howey Test
Oct 10, 2024 at 05:15 pm
In a recent CryptoLaw interview, crypto enthusiast James Murphy, known as MetaLawMan, shed light on the SEC's appeal in the Ripple case.
In a recent CryptoLaw interview, crypto enthusiast James Murphy, also known as MetaLawMan, discussed the SEC’s appeal in the Ripple case. His interesting comparison of oranges and XRP in the context of the Howey Test caught the attention of the XRP community and sparked a discussion about XRP’s legal classification.
XRP attorney Bill Morgan praised MetaLawMan on Twitter for his metaphorical explanation of XRP sales. According to Morgan, the analogy highlights the limitations of the Howey Test in addressing the complexities of “security issues arising from buying crypto and the development and operation of crypto markets.”
That video was great. I always find the analogy to the Howey oranges and orange groves intriguing. @JohnEDeaton1 did it well. Your analogy of the wholesalers buying oranges from Howey and selling at a higher price into the markets with institutional buyers of XRP at a discount… https://t.co/w5TjkfDSSn pic.twitter.com/pxavy9lqsr
Morgan’s post was inspired by a thread of MetaLawMan’s tweets on X, where he discussed the need for Ripple to appeal the SEC’s recent move. Specifically, MetaLawMan’s interview with attorney Kristi Warner resonated with Morgan, particularly the comparison between XRP transactions and orange sales.
In the analogy, wholesalers buy oranges from Howey at a discount and sell them for a profit, while Howey uses the funds for farming operations. However, the wholesalers do not share their profits with the wholesale seller. MetaLawMan drew parallels with XRP sales, where Ripple sells XRP to institutions at a discount, who then resell it on the market without sharing profits with Ripple.
Read also: Ripple Case: Lawyer Sees No Settlement with SEC Despite Ruling
Here’s why I think @Ripple should file a cross-appeal. 👇 https://t.co/2nm0A2bnRt
While Ripple secured a substantial victory with Judge Analisa Torres’ final judgment, the SEC has filed an appeal. As anticipated by many, the decision will likely lead to a protracted legal battle. However, there is still hope for a settlement within the 14-day appeal period.
MetaLawMan also discussed potential aspects of Ripple’s appeal, suggesting it will probably focus on two main points: the legal status of XRP in secondary market sales and the absence of a disgorgement award. Judge Torres ruled that secondary XRP sales do not constitute securities transactions, which contradicts the SEC’s claims. Additionally, the SEC failed to identify specific victims to support a disgorgement order.
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