- Morgan questions as to why the SEC is so concerned about liquidity provision.
- Bill Morgan disapproves of the SEC’s recently published rules affecting the crypto industry.
- According to Morgan, with the current rule, the XRPL DEX would need to register as an exchange.
Renowned crypto lawyer Bill Morgan has joined the growing list of crypto experts expressing their disapproval of the SEC’s recently published rules affecting the crypto industry. In a recent post on X (formerly Twitter), Morgan wondered which entities in the crypto market would be most harmed by the rules.
One of Morgan’s most significant questions over the decision by the SEC is why the SEC and the vested interest it serves are so concerned about liquidity provision. He believes the main reason is that decentralized liquidity provision would upset “some apple carts.”
Morgan also highlighted the direct impact this new regulation would have on Ripple’s ecosystem. According to him, the proposed change to the definition of exchange could require the XRPL DEX to become registered as an exchange.
The lawyer’s XRP mention follows a post by a crypto user identified as CryptoArsenal on X. The crypto user outlined a series of coinciding events between Ripple and the SEC, suggesting the blockchain firm is deliberately targeted by the commission.
CryptoArsenal noted that the SEC declared XRP security after the token had traded for more than 8 years. He noted that the SEC showed up again with a regulation shortly after XRPL launched NFTs. With the recent enactment, the crypto user insinuated that it is an attempt by the SEC to clamp down on XRP for activating an AMM feature.
Meanwhile, the crypto supporter highlighted that while the SEC focused its searchlight on Ripple and XRP, it ignored the likes of Ethereum, which he thinks should have more serious cases to answer. He believes Ethereum accommodates various infractions, including ICO prosecution, disguised whales, links to China, hack scandals, rug pulls, and many more.
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