Ripple (XRP) Supporter and Lawyer Offers Alternative Perspective on XRP Sales

SNEAK PEEK

• Sherrie on Twitter raised the possibility that the FND may determine if Ripple vs. SEC is a Common Enterprise.
• Bill Morgan, a Ripple supporter and lawyer, highlighted the crucial issue of determining when XRP sales transitioned.
• Ripple limited further XRP sales to ODL customers in May 2020.

A debate has recently erupted on Twitter regarding the ongoing Ripple (XRP) versus Securities and Exchange Commission (SEC) case. The discussion was initiated by a user named Sherrie, who tweeted that the FND (Fact-Finding Mission) would play a crucial role should the case proceed to trial.

Should the case move to trial, that’s when the FND plays its part. Where this would be most useful is on the discussion of the Common Enterprise, in my opinion. Not on early sales, because Ripple had used XRP as a security at one point before pivoting

— Sherrie 🌸 (@CherryEmpress21) April 10, 2023

According to Sherrie, the FND would be most useful in determining whether or not there was a common enterprise involved. She believed that this aspect of the case was more critical than the issue of early sales since Ripple had previously used XRP as a security before changing course.

Bill Mogan, a Ripple supporter and lawyer, offered a different perspective on Sherrie’s tweet. He responded by highlighting that the crucial issue at hand is determining when sales of XRP can no longer be considered as investment contracts.

The issue here is what are ‘early’ sales. When did a point in time come when sales we’re not investment contracts. Apart from when Ripple limited further XRP sales to ODL customers in May 2020 when did ‘early’ sales cease. /1 https://t.co/rsAz0KhG4r

— bill morgan (@Belisarius2020) April 10, 2023

Morgan emphasized that it’s essential to understand when the transition from early sales to non-investment contract sales occurred. He also pointed out that Ripple limited further XRP sales to ODL (On-Demand Liquidity) customers in May 2020, raising questions about the timeline of early sales.

Earlier this week, a positive development occurred in the ongoing Ripple vs SEC lawsuit.The House of Representatives of Ripple wrote a letter to the regulatory body, extending an olive branch. In the letter, the Ripple team expressed their willingness to collaborate with the SEC in establishing a framework of compliance and oversight.

They also pledged to ensure adherence to the highest standards of regulatory integrity and foster an environment of growth and stability within the cryptocurrency industry.