Bill Morgan, an advocate for Ripple’s native cryptocurrency XRP, has criticized Michael Saylor for his recent remarks on ADA, Solana, and other cryptocurrency tokens.
Michael Saylor’s recent remarks on ADA, Solana, XRP, Ripple’s native coin, and other cryptocurrencies have drawn criticism from pro-XRP lawyer Bill Morgan. Bill Morgan has responded to pro-bitcoin commenter and MicroStrategy co-founder Michael Saylor with many posts published on the X platform.
Consequently, Ripple CEO Brad Garlinghouse has made some bold statements as the company is embroiled in an ongoing legal battle with the United States Securities and Exchange Commission (SEC). With the token vs. securities discussion heating up, Ripple’s CEO has voiced his support for both XRP and Ethereum (ETH).
Notable crypto industry personality and MicroStrategy CEO Michael Saylor addressed the possible regulatory hurdles that different cryptocurrencies may encounter at the Bitcoin for Corporations 2024 event. Some cryptocurrency projects, including Cardano, Ethereum, BNB, Solana, and XRP, may be considered unregistered securities by the SEC, says Michael Saylor.
The crypto community is still raging about this forecast from early May. This categorization has the potential to significantly alter the US regulatory landscape and trading conditions for these currencies if it were to become law.
However, XRP attorney Bill Morgan disagreed with Michael Saylor’s view on cryptocurrencies, demonstrating Saylor’s lack of expertise in the cryptocurrency field. Morgan emphasized how XRP, the coin, is distinct from Ripple, the firm.
Even though Saylor predicted that cryptocurrencies will be subject to further regulatory scrutiny, it is important to remember that a court has already determined that XRP is not a security. Given Saylor’s apparent ignorance on the legal status of XRP, Morgan cast doubt on his capacity to correctly forecast Bitcoin’s future.
In addition, Bill Morgan voiced his disapproval of Michael Saylor’s recommendation of Bitcoin over altcoins as an investment. Morgan raised the possibility that Saylor was endorsing an investment contract with his Bitcoin endorsement.
Further, he brought attention to the potential inconsistency in Micahel Saylor’s stance, implying that the sale or offering of Bitcoin by MicroStrategy may be seen as an investment agreement, similar to altcoin transactions on secondary markets.
His comments on Ethereum (ETH) at the MicroStrategy World 2024 conference on Thursday, May 2, 2024, have angered many in the cryptocurrency world. Even though he has called Ethereum a security, Michael Saylor has said that the US Securities and Exchange Commission will never authorize a spot Ethereum ETF. His comments address the subject of whether the SEC would approve or reject applications for spot Ethereum Efts twenty days before the final deadline on May 23.
The founder of MicroStrategy is famously solid in his support of Bitcoin. Saylor spoke shortly after MicroStrategy said it had deposited $1.65 billion worth of Bitcoin into its first-quarter corporate reserves.
The Bitcoin-based decentralized identification (DID) system, MicroStrategy Orange, had its premiere two days earlier. In addition to keeping a substantial Bitcoin position on its books, the company has been actively working to improve the Bitcoin ecosystem.
