Pro-Ripple Lawyer Bill Morgan Highlights the SEC's 'Strange Animus” Towards Ripple – XRP Price Plunges

New evidence has surfaced in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), challenging the regulator's approach.

Pro-Ripple Lawyer Highlights Disparities in SEC Penalties as XRP Price Drops

New developments have emerged in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), with fresh evidence revealing disparities in the penalties sought by the regulator. Meanwhile, XRP's price has seen a decline, continuing its historically volatile trajectory.

Ripple Files Notice of Supplemental Authority

Attorney James K. Filan, who has been following the Ripple case closely, recently shared an update on Twitter. According to Filan, Ripple has filed a Notice of Supplemental Authority regarding the TerraForm Labs Consent Judgment. This legal move appears to be part of Ripple's strategy to highlight perceived inconsistencies in the SEC's approach to penalties in crypto-related cases.

Pro-XRP lawyer Bill Morgan has also drawn attention to what he describes as the SEC's “strange animus” towards Ripple. Morgan's analysis suggests that the penalties being sought by the SEC against Ripple stand in stark contrast to those imposed in other crypto cases, hinting at an unusual bias.

Writing on X, Morgan highlights that Ripple's opposition brief states that the SEC accepted penalties ranging from 0.6% to 1.8% of gross sales in other crypto-related cases.

One striking example highlighted by Morgan is the TerraForm Labs case, where a jury verdict found “one of the largest securities frauds in US history,” involving two long-running fraudulent schemes and over $40 billion in investor losses. Despite these findings, the SEC accepted a consent judgment with a penalty equating to 1.27% of Terra's gross sales.

In contrast, against Ripple, where no fraud was alleged and institutional buyers suffered no losses, “the SEC seeks a penalty of $876 million.” This amount, according to Morgan, is “20 times more than any other penalty in crypto related cases at that time.” Morgan concludes, “The behaviour of the SEC towards Ripple is very ill-motivated.”

XRP Price Analysis: Echoes of 2017?

As legal discussions continue to unfold, XRP's price has experienced a decline. According to CoinGecko, XRP is currently trading at $0.4789, down 2.04% in the past day and 8.51% over seven days. XRP's trading volume over the past 24 hours stands at $947,399,556.66.

Technical analyst Dark Defender recently shared his observations on XRP's price action, comparing it to the volatility seen in 2017. In a video commentary, Dark Defender imagines being in 2017, frustrated by years of price fluctuations and selling just before XRP reaches $3.82. He then fast-forwards to 2024, where XRP is displaying a similar pattern, evoking the same feelings once again.

News source：https://www.kdj.com/cryptocurrencies-news/articles/proripple-lawyer-bill-morgan-highlights-strange-animus-ripple-xrp-price-plunges.html

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