Pro-XRP lawyer Bill Morgan recently expressed concerns about Judge Torres’s handling of Ripple’s case against the SEC. Morgan believes the judge’s decisions on XRP sales, especially those related to On-Demand Liquidity (ODL), lack clarity and proper analysis. Advertisement

Bill Morgan Questions Judge’s Ruling Bill Morgan notes that Judge Analisa Torres has treated ODL sales of XRP similarly to institutional sales but hasn’t clearly explained why. The judge applied the Howey test to label these sales as investment contracts without providing detailed reasons for her conclusions.  Morgan further argues that Torres’s previous judgments lacked clarity on what features make ODL sales investment contracts, suggesting that critical aspects such as the brief holding period and non-speculative use of XRP were overlooked. This lack of clarity raises doubts about whether ODL sales truly meet the criteria for investment contracts. Morgan believes the judge’s recent comments hint that she might be reconsidering her previous decisions, possibly acknowledging errors in her past judgments. Judge’s Recent Response In her recent judgment, Judge Torres stated that she had only considered “some” features of the ODL sales and acknowledged that the absence of certain features does not necessarily exempt them from being classified as investment contracts.  Despite this, she did not clarify what aspects of ODL sales might make them investment contracts. Morgan believes this statement indicates a possible error in the judge’s earlier decisions. Response to Mr. Huber Morgan’s critique comes after Mr. Huber tweeted that the court’s findings might suggest Ripple could break the law in the future. Huber’s comment mentioned that the court’s decision left room for potential future violations, which could affect how regulators handle the situation going forward.