XRP Community Raise Red Flags Over SEC Lawsuit Summary Judgment

The post XRP Community Raise Red Flags Over SEC Lawsuit Summary Judgment appeared first on Coinpedia Fintech News

As the Securities and Exchange Commission’s (SEC) lawsuit against Ripple Labs drags on, the XRP community continues to be increasingly frustrated with the ongoing wait for a verdict. One particular member known on Twitter as @/XRPcryptowolf has made his impatience public, questioning why Judge Torres is prolonging the decision in Ripple’s favor.

Legal Experts Voice their Concerns

In the midst of these growing tensions, legal figures associated with XRP have begun voicing their concerns. Bill Morgan, a respected attorney, and known XRP advocate, responded to the aforementioned tweet expressing his frustration. 

He emphasized that he and many others are more than weary of the long wait, pointing out the struggle of his clients who have endured waits of over a year for a judgment. Morgan implied the shared strain for all XRP holders, considering they are indirectly involved due to the lawsuit’s significant impact on XRP’s value and future.

Rising Potential Amicus Support

Meanwhile, the call for the SEC’s accountability continues to echo through the XRP community. John Deaton, another well-known attorney and ardent supporter of XRP, has suggested that the number of potential amici from Coinbase customers has reached 2,500. 

Deaton’s stance is clear – those who are not content with the SEC acting in their best interests should think about joining the amicus. He extended this sentiment to those who do not want Coinbase to represent them either.

Bill Morgan joined the conversation again, quoting Deaton’s tweet and sharing his support for Coinbase against the SEC, despite the platform’s unexplained suspension of XRP trading. Morgan raised concerns over Coinbase’s contradictory stance, questioning why they continue to trade other coins and their staking service, both labeled securities by the SEC. He expressed his backing for Deaton’s initiative and encouraged other XRP community members to follow suit.

Deaton acknowledged that no one has been more critical of Coinbase’s inconsistent response than Bill Morgan himself. He underscored the significant role Coinbase plays in this situation and how their stance impacts the XRP community’s views.