A vocal supporter of XRP, attorney Bill Morgan, has publicly commented on the career moves of Jorge Tenreiro, the former lead counsel for the SEC in the closely watched Ripple legal case. This follows the recent conclusion of the years-long dispute between Ripple and the U.S. Securities and Exchange Commission.
XRP Advocate Questions Ripple Case Counsel’s Record
In a recent post on X (formerly Twitter), Bill Morgan pointed out that Jorge Tenreiro, who spearheaded the SEC’s legal efforts against Ripple, has joined a prominent law firm as a partner. Morgan highlighted that Tenreiro’s professional profile references his successful endeavors in crypto enforcement. However, Morgan noted an apparent omission: the profile conspicuously fails to mention the SEC’s partial defeat in the Ripple case, where they lost on key points, or the subsequent appeal that the SEC ultimately chose to drop.
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Morgan asserted that even Tenreiro recognizes Ripple’s victory on the crucial issue. He stated he will always remember the former lead counsel for advocating what he deemed an “untenable legal argument” – the claim that XRP itself should be classified as a security. Judge Torres ultimately rejected this argument, ruling that the digital asset, in and of itself, does not meet the definition of a security.
Furthermore, the XRP proponent alluded to Tenreiro’s previous attempts to discredit John Deaton, an attorney who acted as an amicus curiae in the Ripple case, offering support to Ripple in its defense against the SEC. During his tenure at the SEC, Tenreiro also led other significant crypto-related enforcement actions.
Specifically, he initiated actions against Binance, Terraform Labs, and Sam Bankman-Fried in the FTX matter. Similar to the Ripple case, the action against Binance has also been dropped. Tenreiro’s team, however, secured a favorable outcome in the Terraform case. It’s worth noting that during the Trump administration, prior to his departure from the SEC, Tenreiro was reassigned to the IT department.
Ripple Lawsuit Reaches Final Resolution
The legal battle between Ripple and the SEC has officially come to an end, nearly five years after the Commission initiated the proceedings. This resolution follows the U.S. Court of Appeals’ approval of the Joint Stipulation of Dismissal submitted by both Ripple and the SEC. Consequently, both the SEC’s appeal and Ripple’s cross-appeal have been dismissed.
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Ripple’s next step involves fulfilling the $125 million monetary judgment ordered by Judge Torres in her final ruling, stemming from securities violations. The company is required to pay the full amount, as Judge Torres declined to approve the settlement agreement previously reached by the parties. Under that initial agreement, Ripple would have been obligated to pay only $50 million of the total $125 million.
As of the latest available data from CoinMarketCap, XRP’s price is approximately $2.94, reflecting a decrease of nearly 3% over the past 24 hours.
Featured image from iStock, chart from Tradingview.com