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Pro-XRP Lawyer Slams Judge Torres’ Interpretation Of ODL Sales – Crypto News

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1 year ago

April 24, 2024

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Pro-XRP Lawyer Bill Morgan’s recent statement disagreed with Judge Torres’ interpretation of ODL transactions, garnering noteworthy attention amidst the ongoing legal tussle between Ripple and the U.S. SEC. Today, April 24, Morgan emphasized that Judge Torres’ understanding of ODL underscores a perceived lack of knowledge regarding the unique purpose and function of ODL within the broader context of cryptocurrency markets.

Although the Judge understood contracts, she ruled out that holding tokens for a few seconds to effect a payment is an investment of money or that there is an expectation of profits from an investment. This appears to have faced a backlash from Morgan, as the Pro-XRP Lawyer earlier explained why ODL sales are not ‘investment contracts,’ contrary to Judge Torres’ remarks.

Morgan Says Judge Torres Got It All Wrong

In a post shared on X today, Morgan stated, “Judge Torres got the ODL part of the summary judgment decision so wrong it is hard to explain.” He highlighted that although the Judge understood contracts, as mentioned above, she considered ODL contracts as a type of ‘investment contract,’ resulting in Morgan’s slamming of her perceived lack of knowledge orbiting ODL.

As reported by CoinGape Media earlier, Morgan made engrossing arguments as to why Ripple’s On-Demand Liquidity (ODL) sales are not a type of investment contract. He further explained that ODL sales differ from traditional investments as customers hold XRP only for a few seconds to facilitate cross-border payments. However, Morgan added that the ODL isn’t used for investment purposes, primarily causing Judge Torres to receive a backlash from the pro-XRP lawyer. Moreover, “Judge Torres may not have grasped the underlying issues that ODL and the use of XRP as a bridge currency aim to address,” Morgan added.

Meanwhile, it’s also worth noting that XRP, Ripple Labs’ native token, has embarked upon a sluggish price trajectory ever since the American blockchain payments company engaged in a legal tussle with the U.S. SEC. Notably, the token further recorded a substantial dip as of press time.

Also Read: Ex-SEC Official Reacts To DOJ Seeking 3-Year Prison Term For Binance Founder CZ

XRP Price Slips

As of writing, the XRP token’s price trajectory showcased a plunge of 3.77% in the past 24 hours and is currently trading at $0.5279. The token’s market cap dipped 3.77%, further accompanied by a 24-hour trading volume of slip of 11.87%.

This bearish movement further fueled speculations over the Ripple-backed token’s price action ahead as the lawsuit continues to take new turns. Crypto market enthusiasts continue to eye the token as key individuals share vital insights on the lawsuits and Ripple’s cryptographic ventures.

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