Pro-XRP Lawyer Defends Ripple ODL Transactions
The ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) continues to escalate, with lawyer Bill Morgan defending Ripple’s On-Demand Liquidity (ODL) transactions against allegations of being investment contracts. Morgan clarified that ODL customers are not investors but individuals seeking low-cost money transfers by purchasing XRP. He emphasized the distinction between investment motives and transactional utility and stated that Ripple shares this perspective. Moreover, he disagreed with Judge Torres’ ruling on institutional sales, asserting that it does not apply to ODL transactions. These insights shed light on Ripple’s defense strategy and determination to navigate the complexities of the regulatory landscape.
SEC’s Stance In Legal Quandary
The legal saga of Ripple vs. SEC has seen significant developments, particularly regarding Ripple’s ODL sales. The SEC filed a motion to compel Ripple to disclose financial statements and information about post-complaint contracts, which was granted by the U.S. District Court for the Southern District of New York. The court authorized a request for Ripple’s financial records from 2022 to 2023 and details on post-complaint contracts governing institutional sales of XRP. As the battle intensifies, stakeholders closely monitor Ripple’s defense strategy and its implications for the broader cryptocurrency industry. The outcome of the case will likely have far-reaching implications for the classification and regulation of digital assets in the United States and beyond.
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