{"id":243742,"date":"2024-02-08T16:54:34","date_gmt":"2024-02-08T11:24:34","guid":{"rendered":"https:\/\/dripp.zone\/news\/pro-xrp-lawyer-argues-ripple-odl-transactions-not-investment-contracts-crypto-news\/"},"modified":"2024-02-08T16:54:37","modified_gmt":"2024-02-08T11:24:37","slug":"pro-xrp-lawyer-argues-ripple-odl-transactions-not-investment-contracts-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pro-xrp-lawyer-argues-ripple-odl-transactions-not-investment-contracts-crypto-news\/","title":{"rendered":"Pro-XRP Lawyer Argues Ripple ODL Transactions Not Investment Contracts – Crypto News"},"content":{"rendered":"

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The ongoing legal dispute between Ripple<\/a> and the U.S. Securities and Exchange Commission (SEC) continues to escalate, with pro-XRP lawyer Bill Morgan defending Ripple\u2019s On-Demand Liquidity (ODL) transactions against allegations of being investment contracts. Notably, amid the regulatory scrutiny, Morgan\u2019s remarks shed light on crucial aspects of the case, highlighting the complexities surrounding Ripple\u2019s sales of XRP to ODL customers.<\/p>\n

Pro-XRP Lawyer Defends Ripple ODL Transactions<\/h2>\n

Pro-XRP lawyer Bill Morgan<\/a> recently engaged in a discussion regarding the nature of Ripple\u2019s 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<\/a>.<\/p>\n

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In addition, he underscored the distinction between investment motives and transactional utility, suggesting that Ripple shares this perspective. Moreover, Morgan highlighted Ripple\u2019s opposition to Judge Torres\u2019 ruling on institutional sales, asserting that it does not apply to ODL transactions.<\/p>\n

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This underscores Ripple\u2019s strategy to challenge the SEC\u2019s allegations during the upcoming remedies phase of the legal proceedings. The lawyer\u2019s comments shed light on Ripple\u2019s defense strategy and its determination to navigate the complexities of the regulatory landscape.<\/p>\n

SEC\u2019s Stance In Legal Quandary<\/h2>\n

The legal saga of Ripple vs. SEC<\/a> has seen significant developments, with the recent focus shifting towards Ripple\u2019s 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.<\/p>\n

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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\u2019s petition for details on post-complaint contracts governing institutional sales of XRP and information about the proceeds from these sales<\/p>\n

As the legal battle intensifies, stakeholders closely monitor Ripple\u2019s defense strategy and its implications for the broader cryptocurrency industry. With regulatory scrutiny looming, Ripple\u2019s 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.<\/p>\n

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/p>\n<\/p><\/div>\n

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