Bill Morgan, a lawyer supporting Ripple, contradicted Judge Torres’ view on ODL transactions in the ongoing dispute between Ripple and the SEC. On April 24th, Morgan stressed that the judge’s interpretation shows a potential lack of comprehension about the distinct role and operation of ODL within cryptocurrency markets as a whole.
The Judge, despite her contract expertise, decided that briefly holding tokens for transaction purposes does not equate to investing money or anticipating profits. This stance sparked disagreement from Morgan, as previously mentioned by the XRP legal representative, who argued that On-Demand Liquidity (ODL) sales do not fall under the category of “investment contracts,” contrary to Judge Torres’ assertion.
Morgan Says Judge Torres Got It All Wrong
In a post published on X today, Morgan expressed his disappointment with Judge Torres’ ruling on the ODL aspect of the summary judgment decision. He pointed out that while the judge was proficient in contracts, as previously acknowledged, she categorized ODL contracts as investment contracts instead. This misclassification, according to Morgan, revealed a perceived lack of understanding about ODLs on the judge’s part.
According to a previous article by CoinGape Media, Morgan presented compelling points regarding Ripple’s On-Demand Liquidity (ODL) sales not qualifying as investment contracts. He highlighted that customers hold XRP for just a short time to facilitate cross-border transactions, making it distinct from traditional investments. However, Morgan cautioned that the ODL is not intended for investment purposes, which apparently confused Judge Torres and sparked criticism from pro-XRP lawyers. Furthermore, Morgan expressed that Judge Torres might not fully understand the objectives of ODL and XRP’s role as a bridge currency.
In the meantime, XRP, the native token of Ripple Labs, has seen a slow price decline since the company’s legal dispute with the US Securities and Exchange Commission (SEC) began. At the time of this writing, the token experienced a significant drop in value.
XRP Price Slips
At present, the price of XRP has dropped 3.77% over the last 24 hours to $0.5279. Additionally, its market capitalization decreased by the same percentage, while its 24-hour trading volume saw a decrease of 11.87%.
The ongoing bearish trend in the price of the Ripple-supported token has heightened anticipation among crypto market observers, as developments in the related lawsuits unfold. Keen investors closely monitor the token, with influential figures providing valuable updates on the legal proceedings and Ripple’s cryptocurrency initiatives.
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2024-04-24 19:39