Australian attorney Bill Morgan shared his views on the ongoing Ripple vs. SEC lawsuit on Twitter, stating that XRP cannot be classified as a security. He explained that if the judge rules that Ripple's sales of XRP to On-Demand Liquidity customers are not investment contracts, XRP would not be categorized as a security. Morgan also noted that digital assets could transition from being securities to non-securities based on economic reality, technology, the law, and the asset's legal classification in other jurisdictions. He further explained that the sale of XRP to ODL customers does not conform to the elements of the Howey Test, meaning that it cannot form an investment contract.
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Australian Lawyer Explains How XRP Is Not a Security in Ongoing Ripple vs. SEC Lawsuit
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