While the cryptocurrency community awaits the ruling in the case between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, lawyer Bill Morgan has offered his perspective on some rarely posed questions.
As it happens, Morgan made a distinction between programmatic sales of XRP and sales to on-demand liquidity (ODL) customers, whereas “the preference seems to be to distinguish early and later sales rather than types of sales,” he explained in a Twitter thread on June 29.
ODL versus programmatic sales
Specifically, he referred to Ripple’s ODL system that helps customers move money across borders instantly and at a low cost, without the need for correspondent banking relationships and the pre-funding of accounts abroad, whereas programmatic sales refer to open market exchange trades.
According to the lawyer:
“My theory is Ripple XRP sales to ODL customers cannot be investment contracts because there is no investment or investment intent by OD
We współpracy z: https://finbold.com/ripple-v-sec-case-update-as-of-june-30-2023/
