{"id":70962,"date":"2024-02-08T10:41:39","date_gmt":"2024-02-08T14:41:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70962"},"modified":"2024-02-08T10:41:43","modified_gmt":"2024-02-08T14:41:43","slug":"pro-xrp-lawyer-challenges-secs-claims-on-ripples-odl-transactions","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/pro-xrp-lawyer-challenges-secs-claims-on-ripples-odl-transactions\/","title":{"rendered":"Pro-XRP Lawyer Challenges SEC\u2019s Claims on Ripple\u2019s ODL Transactions"},"content":{"rendered":"\n

Pro-XRP lawyer Bill Morgan defends Ripple\u2019s ODL<\/a> transactions as a legitimate service for money transfers, while the SEC seeks more disclosure from Ripple in the ongoing legal dispute over XRP classification.<\/p>\n\n\n\n

\"Pro-XRP<\/figure>\n\n\n\n

Ripple\u2019s ODL transactions are a service offered by Ripple, a blockchain company that provides cross-border payment solutions using its native cryptocurrency, XRP. <\/p>\n\n\n\n

ODL stands for On-Demand Liquidity, and it allows customers to send and receive money in different currencies using XRP as a bridge. ODL transactions are designed to be faster, cheaper, and more efficient than traditional methods of money transfers.<\/p>\n\n\n\n

Ripple\u2019s ODL\u00a0transactions are under scrutiny by the U.S. Securities and Exchange Commission (SEC), which has sued Ripple and two of its executives for allegedly selling unregistered securities in the form of XRP. The SEC<\/a> claims that XRP is a security and that Ripple\u2019s ODL transactions are investment contracts, meaning that customers who buy XRP expect to profit from Ripple\u2019s efforts.<\/p>\n\n\n\n

Ripple denies these allegations and argues that XRP is a currency and a medium of exchange, not a security. Ripple also contends that its ODL transactions are not investment contracts but rather a service for money transfers that do not create any expectation of profit or dependence on Ripple.<\/p>\n\n\n\n

The legal dispute over Ripple\u2019s ODL transactions is unfolding in the U.S. District Court for the Southern District of New York, where the SEC and Ripple have filed cross-motions for summary judgment. <\/p>\n\n\n\n

The court has granted the SEC\u2019s motion to compel Ripple to disclose more information about its ODL transactions, including its financial statements from 2022 to 2023 and its post-complaint contracts with institutional customers. The court has also granted Ripple\u2019s motion to access the SEC\u2019s internal documents regarding its views on XRP and other cryptocurrencies.<\/p>\n\n\n\n

Meanwhile, pro-XRP lawyer Bill Morgan, who is not involved in the case but has been following it closely, has defended Ripple\u2019s ODL transactions on social media, arguing that they are not investment contracts and that the SEC\u2019s case is weak and misguided. <\/p>\n\n\n\n

\n

Because it was common ground (an undisputed fact) that the ODL transaction took a few seconds to complete so the ODL customer is not an investor. He is buying the XRP to swap it for fiat to complete a low cost money transfer. It wants to reduce costs on the transfer not hold XRP\u2026 https:\/\/t.co\/Dg81HD5au0\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> pic.twitter.com\/EUe3ZpJzW7<\/use><\/svg><\/span><\/a><\/p>— bill morgan (@Belisarius2020) February 8, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Morgan has also expressed his optimism that Ripple will prevail in the lawsuit and that XRP will be recognized as a non-security.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pro-XRP lawyer Bill Morgan defends Ripple\u2019s ODL transactions as a legitimate service for money transfers, while the SEC seeks more disclosure from Ripple in the ongoing legal dispute over XRP classification. Ripple\u2019s ODL transactions are a service offered by Ripple, a blockchain company that provides cross-border payment solutions using its native cryptocurrency, XRP. ODL stands […]<\/p>\n","protected":false},"author":44,"featured_media":70964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[18336,18337,4492,146],"class_list":["post-70962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripples-news","tag-bill-morgan","tag-ripple-odl","tag-u-s-sec","tag-xrp"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/Pro-XRP-Lawyer.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70962"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/70964"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}