United

Long

<p>The post <a href="https://coinpedia.org/news/ripple-lawyer-clarifies-odl-sales-not-investment-contracts-defends-against-sec/">Ripple Lawyer Clarifies ODL Sales Not Investment Contracts, Defends Against SEC</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>As the <a href="https://coinpedia.org/news/ripple-vs-sec-ripple-to-file-response-on-secs-2bn-penalty-demand-today-on-april-22/">Ripple vs SEC</a> legal battle escalates, the <a href="https://coinpedia.org/news/robert-f-kennedy-jr-plan-to-bring-u-s-budget-to-blockchain-in-2024-election-bid/">blockchain</a> payments firm has filed an opposition citing that <a href="https://markets.coinpedia.org/xrp/">XRP</a> sales on ODL do not count as investment contracts.</p> 
<p>Pro-XRP lawyer Bill Morgan has made a compelling argument regarding Ripple’s On-Demand Liquidity (ODL) sales. Moreover, he emphasized that these <a href="https://coinpedia.org/news/analyst-spills-the-beans-on-ripple-odl-misconception-to-boost-xrp-price/">ODL sales do not constitute investment</a> contracts. Morgan’s assertion comes amidst Ripple Labs’ ongoing legal battle with the United States Securities and Exchange Commission (SEC) over the classification of XRP.</p> 
<h2 class="wp-block-heading" id="h-ripple-s-defense-against-sec-allegations">Ripple’s Defense Against SEC Allegations</h2> 
<p>Bill Morgan asserts that ODL contracts do not meet the criteria for investment contracts, highlighting that transactions on the platform serve distinct purposes from traditional investments.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I have argued for three years that ODL contracts are not investment contracts and at last Ripple makes cogent arguments that ODL sales are not investment contracts as the ODL customers only hold XRP for a few seconds, not as investment, but to effect a cross border payment. Not… <a href="https://t.co/RFiC1hfWzx">https://t.co/RFiC1hfWzx</a> <a href="https://t.co/4iXWAQpIxe">pic.twitter.com/4iXWAQpIxe</a></p>— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1782594194206495010?ref_src=twsrc%5Etfw">April 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Ripple contends that customers utilize XRP for swift cross-border payments, holding the digital asset for mere seconds, thus distinguishing ODL sales from conventional investment transactions. <a href="https://coinpedia.org/news/ripple-vs-sec-lawsuit-tensions-rise-as-ripple-prepares-response-to-2-billion-penalty/">Furthermore, Ripple’s c</a>ontracts explicitly prohibit customers from expecting profit from XRP purchases. However, this argument strengthens Ripple’s position in challenging the SEC’s allegations.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/news/expert-reveals-why-ripple-wants-a-us-stablecoin-now/">Expert Reveals Why Ripple Wants To Launch Stablecoin Now</a></p> 
<h2 class="wp-block-heading" id="h-monica-long-testifies-for-ripple">Monica Long Testifies for Ripple</h2> 
<p>Furthermore, Monica Long, President of Ripple Labs, provided<a href="https://coinpedia.org/news/ripple-vs-sec-ripple-labs-challenges-secs-late-expert-submission/"> testimony supporting</a> the blockchain company. She emphasized that Ripple’s subsidiaries serve ODL customers exclusively outside the U.S.&nbsp;</p> 
<p>Additionally, she clarified that Ripple itself does not engage directly with ODL customers. This testimony directly refutes the SEC’s claims regarding XRP’s ODL usage, underscoring Ripple’s position in the ongoing legal dispute.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-ripple-agree-to-pay-10m">Ripple Agree To Pay $10M</h2> 
<p><a href="https://coinpedia.org/news/ripple-made-court-filling-pubic-says-secs-2bn-penalty-demand-is-unconventional/">Recently Coinpedia reported</a> that Ripple has agreed to pay a maximum penalty of $10 million, it strongly opposes the SEC’s demands for disgorgement and prejudgment interest. CEO Brad Garlinghouse is optimistic about Ripple’s position, especially considering recent events involving SEC lawyers. He warns of serious consequences from the SEC’s policies and expresses confidence in Ripple’s legal stance.</p> 
<p>Ripple continues to defend itself against the SEC’s accusations regarding ODL sales, and the outcome of this legal clash will have significant repercussions. With legal arguments heating up and key Ripple figures standing firm, the final decision by Judge Torres holds great importance for both Ripple and the SEC.</p> 
<p>Also Read : <a href="https://coinpedia.org/news/from-ripple-to-ethereum-understanding-what-the-sec-is-trying-to-do-with-the-regulations/">From Ripple To Ethereum: Understanding What The SEC Is Trying To Do With The Regulations</a></p>

Ripple Lawyer Clarifies ODL Sales Not Investment Contracts, Defends Against SEC

Table of Contents

CoinPedia News

Alte articole publicate pe 23 apr. 2024

Solana Price Prediction: Can SOL price rise to $200 in the next few days?

Just In: SEC Extends Review Period for Franklin Templeton Ethereum ETF

Cardano (ADA) Price Analysis: Bulls Aim Steady Increase

Shiba Inu News: Shiba Inu’s Latest Magazine Release

Top AR/VR Crypto Presale of 2024 Hits $5 Million Milestone – Crypto Gains Video Review

Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target

Join our free newsletter for daily crypto updates!