Pro-XRP Lawyer Says SEC v. Ripple Lawsuit Wasn’t Staged

Attorney Morgan defends Ripple from critics. 

Attorney Bill Morgan, a pro-XRP lawyer, has taken to Twitter to dispel a rumor regarding the ongoing lawsuit between the United States Securities and Exchange Commission and Ripple. 

How It All Started

In a tweet today, Cypress Demanincor, the CEO of “CYPRX Superior Trading,” alleged that the SEC v. Ripple lawsuit was staged from the onset. Demanincor said the case was staged due to Ripple’s involvement in notable crypto-related events. 

According to Demanincor, some of the most prominent players in the fintech industry recently met in California to “discuss institutional adoption of digital assets.”

However, Demanincor seemed surprised that Ripple’s Chairman, Chris Larsen, who is also a defendant in the SEC lawsuit” was listed among the speakers of the event that ended on May 3, 2023. The CEO of CYPRX Superior Trading also highlighted Caroline D. Pham, a Commissioner of the Commodity Futures Trading Commission (CFTC), as one of the event’s speakers. 

Furthermore, Demanincor pointed out that Ripple was listed in the “sample of attending companies” section, alongside other major fintech institutions like Mastercard, r3, BlackRock, J.P. Morgan, Visa, Deutsche Bank, Citi, HSBC, Morgan Stanley, etc.  

“How is it that a company that has been sued by the SEC for doing something illegal [be] at all of these events? Again, updated events. This was just yesterday,” Demanincor remarked. “Come on now, it’s a setup ladies and gentlemen, and Ripple in some way, shape or form is always at the forefront. I like how Chris Larsen is at the top of the list of speakers.”

Attorney Morgan Says SEC v. Ripple Wasn’t Staged 

Reacting to the development, attorney Morgan said he disagrees that the lawsuit was staged as alleged by Demanincor. 

He asserted that Ripple is a significant player in the crypto space and will always play a major role in driving institutional adoption of crypto assets, including XRP, especially when the case ends. 

Don’t agree the SEC v Ripple lawsuit was a staged plan but Ripple is a significant player and will be instrumental in institutional adoption of digital assets including of XRP if the lawsuit ever ends. https://t.co/i8IBiIDgTV

— bill morgan (@Belisarius2020) May 5, 2023

Morgan Supports and Defends Ripple 

It is worth noting that attorney Morgan is one of the legal experts backing Ripple to win the legal battle against the Securities and Exchange Commission. 

This is not the first time attorney Morgan is dispelling adverse reports about the leading Silicon Valley tech company. As reported by Crypto Basic, attorney Morgan clarified that Ripple does not dump XRP on the market, as alleged by critics. 

According to Morgan, Ripple sells its XRP holdings to clients of On-Demand Liquidity (ODL) service, as opposed to claims that the company usually dumps the coin in the market during its monthly token unlock.