Ripple Vs SEC: Lawyer Debunks XRP ODL Sales FUD Amid Ripple's SEC Reply Filing

Highlights

Pro-XRP lawyer Bill Morgan debunks FUD about Ripple's XRP ODL sales impacting price.
Ripple argues the SEC's demand for sensitive financial records lacks substantial justification.
Ripple maintains that XRP sales to ODL customers are not considered investment contracts.

Ripple Vs SEC: The recent comments from the pro-XRP lawyer Bill Morgan have sparked discussions in the crypto market. Notably, Ripple has recently submitted a reply letter supporting its Motion to Seal documents related to the SEC’s Motion for Judgment and Remedies.

Meanwhile, this filing has sparked significant discussion, especially among the XRP community. Triggering the discussions, pro-XRP lawyer Bill Morgan addressed the FUD (Fear, Uncertainty, and Doubt) surrounding XRP ODL sales in a recent post, reinforcing Ripple’s stance in the ongoing lawsuit.

Pro-XRP Lawyer Debunks FUD On Ripple’s XRP ODL Sales

On May 29, Ripple’s legal team submitted a response to Judge Analisa Torres, aiming to counter the SEC’s arguments in its motion for judgment. Ripple’s reply highlighted that the SEC’s arguments about the firm’s financial condition were irrelevant to the court’s determination of remedies.

In addition, the firm emphasized that its financial situation should not be a factor in the court’s analysis, noting that the company has never disputed its ability to pay any potential penalty. Meanwhile, amid this, pro-XRP lawyer Bill Morgan took to social media to debunk the FUD surrounding Ripple’s XRP sales to ODL customers.

He pointed out that Ripple does not offer price discounts to ODL customers. Notably, Morgan emphasized the update as a crucial factor that the court found relevant in deciding whether over-the-counter contracts were investment contracts.

In addition, Morgan argued that this fact debunks claims that Ripple’s sales to ODL customers negatively impact XRP’s price. Besides, Morgan highlighted that the notion of Ripple dumping on retail investors is baseless, as ODL sales have a neutral effect on XRP’s price.

He expressed frustration at the persistence of such misinformation, reiterating that he has previously provided numerous reasons why these claims are unfounded.

Also Read: This Cohort Accumulated 154,560 Bitcoins In Five Months, BTC Price Surge Ahead?

A Closer Look Into The Development

In its latest filing, Ripple argued that the SEC should not have access to its sensitive financial records without substantial justification. The company pointed out that revealing such information could be unnecessary if the court decides not to consider the SEC’s purportedly crucial facts. Notably, Ripple maintained that it has a valid, commonly accepted basis for sealing its confidential financial information.

In addition, Ripple challenged the SEC’s assertion that its historical contracts are no longer relevant. The company explained that the terms of its contracts are confidential and that future counterparts could unfairly benefit from learning the specifics of past agreements.

Meanwhile, Ripple reiterated that the court had already ruled that XRP is not a security, emphasizing that the sale of XRP did not equate to the sale of investment contracts as described in the court’s summary judgment.

However, despite the update, XRP price fell 0.92% as of writing and exchanged hands at $0.5248, down from its 24-hour high of $0.5321. On the other hand, its trading volume from yesterday rose 13% to $1.56 billion.

Also Read: Alike Bitcoin, Vanguard Has A Clear NO For Spot Ethereum ETFs

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Xrp Lawsuit

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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