Lawyer Questions Claims That Ripple’s ODL Agreement Satisfies The Howey Test

• Bill Morgan has questioned the claim that Ripple’s ODL agreement satisfies the Howey Test.
• Morgan asked how and where the expectation of profit arose from the contract.
• According to Morgan, the reviewed agreement did not involve a transfer of title in XRP or a sale.

Renowned crypto lawyer Bill Morgan has questioned the claim that Ripple’s ODL agreement satisfies the Howey Test. In a recent post on X, the prominent crypto personality shared his findings from the 2020 ODL contract between Ripple and an Australian ODL customer. After his review, Morgan asked how and where the expectation of profit arose from the contract.

I have reviewed the 2020 ODL contract between Ripple Services Inc and an Australian ODL customer and it contains these terms of features amongst others:

1. Transfer of XRP into the purchaser’s agreed account with Bitstamp or other agreed account to be held on a bailment which… https://t.co/tVqZYigF3o

— bill morgan (@Belisarius2020) May 8, 2024

Following his review, Morgan highlighted some of the features he discovered in the contract. He noted that the contract involved XRP transfer into the purchaser’s agreed account with Bitstamp…

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