Bill Morgan Defends Ripple and XRP
Bill Morgan, a well-known figure in the cryptocurrency legal landscape, has taken a firm stance against detractors who label Ripple’s digital asset, XRP, as a “shitcoin.” In a pointed response on social media platform X, Morgan highlighted that branding XRP or Ripple as fraudulent fails to recognize the convincing evidence evident within the industry that contradicts such claims. His comments echo the sentiments of a fellow community member who has previously outlined the regulatory strides made by Ripple in recent years.
Regulatory Compliance and Transparency
Morgan distinctly noted that genuine scams typically avoid scrutiny from regulatory bodies; unlike Ripple, which actively pursues licenses internationally. He stressed that Ripple’s endeavors are carried out transparently and are firmly anchored within legal frameworks. This assertion is significant, especially considering Ripple’s recent victory in Federal Court, where they sought to define the regulatory status of XRP after a protracted five-year dispute with the U.S. Securities and Exchange Commission (SEC).
Furthermore, Morgan underscored that Ripple is not just seeking compliance but has successfully obtained regulatory endorsements in various jurisdictions, with the current count exceeding 75 licenses worldwide. January marked substantial advancements for Ripple, including a preliminary Electronic Money Institution (EMI) approval from Luxembourg’s CSSF and another license from the U.K.’s Financial Conduct Authority (FCA) for its UK operations.
Community Reactions and Market Sentiment
In defending Ripple, Morgan pointed out that, regardless of personal feelings toward XRP or Ripple’s strategies, branding it as a scam is baseless. He argued that the company’s focus on maintaining regulatory conformity, legal transparency, and integration into institutional finance speaks volumes about their legitimacy. While many in the online community applaud his viewpoint, suggesting a recognition of Ripple’s extensive global outreach, there are dissenting voices.
Some retail investors are expressing frustration over the perception that they are financing Ripple’s growth without reaping any rewards, as XRP’s price has remained around $1.95, a significant drop from its previous highs nearing $3.
