XRP News: Pro-XRP Lawyer Argues Ripple ODL Transactions Not Investment Contracts

Highlights
- Pro-XRP lawyer defends Ripple's ODL transactions as non-investment contracts amid SEC scrutiny.
- SEC seeks Ripple's financial records and details on post-complaint contracts in an ongoing legal battle.
- The court grants consent for an investigation into Ripple's financial statements and post-complaint contracts.
The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to escalate, with pro-XRP lawyer Bill Morgan defending Ripple’s On-Demand Liquidity (ODL) transactions against allegations of being investment contracts. Notably, amid the regulatory scrutiny, Morgan’s remarks shed light on crucial aspects of the case, highlighting the complexities surrounding Ripple’s sales of XRP to ODL customers.
Pro-XRP Lawyer Defends Ripple ODL Transactions
Pro-XRP lawyer Bill Morgan recently engaged in a discussion regarding the nature of Ripple’s ODL transactions, emphasizing that they do not constitute investment contracts. Meanwhile, responding to inquiries on social media, Morgan reiterated his stance that ODL customers are not investors but individuals seeking low-cost money transfers facilitated by purchasing XRP.
In addition, he underscored the distinction between investment motives and transactional utility, suggesting that Ripple shares this perspective. Moreover, Morgan highlighted Ripple’s opposition to Judge Torres’ ruling on institutional sales, asserting that it does not apply to ODL transactions.
This underscores Ripple’s strategy to challenge the SEC’s allegations during the upcoming remedies phase of the legal proceedings. The lawyer’s comments shed light on Ripple’s defense strategy and its determination to navigate the complexities of the regulatory landscape.
Also Read: Polygon Whales Accumulate 32 Mln MATIC Amid Gemini Listing, Price To Hit $1?
SEC’s Stance In Legal Quandary
The legal saga of Ripple vs. SEC has seen significant developments, with the recent focus shifting towards Ripple’s ODL sales. Following a motion filed by the SEC to compel Ripple to disclose financial statements and information regarding post-complaint contracts, the U.S. District Court for the Southern District of New York granted consent for the investigation to proceed.
For context, the Magistrate Court, led by Judge Sarah Netburn, has authorized a request compelling Ripple to reveal its financial records from 2022 to 2023. Additionally, the court has granted the SEC’s petition for details on post-complaint contracts governing institutional sales of XRP and information about the proceeds from these sales
As the legal battle intensifies, stakeholders closely monitor Ripple’s defense strategy and its implications for the broader cryptocurrency industry. With regulatory scrutiny looming, Ripple’s ability to defend its business practices, particularly concerning ODL transactions, remains a focal point for investors and enthusiasts alike. As the case progresses, the outcome will likely have far-reaching implications for the classification and regulation of digital assets in the United States and beyond.
Also Read: How India’s RBI Offline CBDC Digital Rupee to Benefit Users?
- Bitget US Stock Futures Trading Volume Surpasses $200 Million
- Binance Founder CZ Predicts Bitcoin Will Flip Gold’s $30 Trillion Market
- Trump Tariffs: U.S. President Threatens 155% Tariff on China, Bitcoin Falls
- Hassett Says Government Shutdown Could End This Week as Crypto Markets Brace for Inflation Data
- ‘Floki Is The CEO’: FLOKI Surges Over 20% After Elon Musk’s Name Drop
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
- Bitcoin Price Prediction as Gaussian Channel Turns Green Amid U.S.–China Trade Progress and Fed Rate Cut Hopes
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?