Bill Morgan, a pro-XRP attorney, has highlighted Judge Torres’ potential influence on the Financial Innovation and Technology for the 21st Century Act (FIT 21) stemming from the Judge’s ruling on the SEC’s lawsuit contesting XRP’s non-security status.
Also Read: U.S. House Approves FIT21 Crypto Bill
Judge Torres has played a crucial role in solving crypto cases that find their way to her court, such as the Ripple vs. SEC long-standing litigation. Recently, the Ripple lawsuit took a new turn as the SEC filed its reply opposing Ripple’s claim to seal and redact evidence.
Bill Morgan Puts Judge Torres on a FIT 21 Pedestal
The U.S. House of Representatives recently voted on the FIT 21 crypto bill, marking a huge step towards establishing proper crypto regulations. Amid this, Bill Morgan, Ripple’s attorney, highlighted Judge Torres’ influence on the bill, particularly her ruling that XRP is not inherently a security.
Bill shared an image on the X platform (formerly Twitter), stating, “The Torres influence on FIT21. XRP is not itself a security.”
Source: Bill Morgan on X
The image contains a crucial section of the FIT 21 bill that directly aligns with Judge Torres’ summary judgment in the Ripple vs. SEC lawsuit. Judge Torres concluded that XRP (as a coin) is not a security. However, XRP’s sale or offer to institutions could be classified as a security.
The definition of “security” by the courts has been crucial in shaping the conversation around digital asset regulation.
XRP Lawsuit Is Influencing Crypto Regulations in America
Along with Binance and Coinbase, the Ripple community has been instrumental in pushing for clear crypto regulations in the United States. A recent report from CryptoLaw highlighted that Judge Torres’ decision was crucial in the drafting of the provisions of the FIT 21 bill.
Brad Garlinghouse, Ripple’s CEO, stated on X, “Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration. It’s the reason we saw 71 Dems cross the aisle and support FIT21.”
Well, this certainly HAS aged well!Today, more than ever, we are seeing what a political liability Gensler has been to the Biden administration. It's the reason we saw 71 Dems cross the aisle and support FIT21. We are just getting started! https://t.co/Ff6x78mgax
— Brad Garlinghouse (@bgarlinghouse) May 22, 2024
Judge Torres’ influence on FIT 21 and the passing of the bill are game-changers for the Ripple vs. SEC lawsuit.
Whales Move 291 Million XRP Coins
Meanwhile, after the U.S. House of Representatives voted on the Financial Innovation and Technology for the 21st Century Act (FIT 21), XRP whales have moved millions of XRP tokens to CEXs.
According to data from the on-chain transaction tracker, Whale Alert, one XRP whale dumped 50.78 million XRP in a couple of transactions to CEXs.
The first transaction shows 29.14 million XRP tokens transferred to Bitstamp, a Luxembourg City-based crypto exchange. The second transaction shows 21.64 million XRP moved to Bitso, a Mexico-based crypto exchange.
Source: Whale Alert
Both transactions were done using the same wallet address, …Rzn. The second whale accumulated a whopping 240.85 million XRP from Coincheck crypto exchange. The accumulation was done by the wallet address r99QSej32n. Recently, this particular wallet has made huge XRP accumulations from Coincheck exchange.
XRP Price Takes a Nosedive
As of this writing, XRP’s price stands at $0.528647 per (XRP/USD). The coin currently has a $29.23B market cap. XRP is 0.83% down in the last 24 hours, with a circulating supply of 55.29B.
Further, the 24-hour trading volume plunged 37.07% to $1.12 billion, adding a bearish undertone to the token.
Also Read: Binance’s Most Searched Tokens Show Shifts in Crypto Trends
This price drop coincides with the increased selling pressure the token saw in past 24 hours. The selloffs and the FIT 21-birthed optimism allow bulls or bears to take control of the token in the future.
Cryptopolitan Reporting by Florence Muchai