Legal Expert Reminds Chainlink's Liaison: Ripple Has Not Sold XRP to Retail for Many Years

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A recent exchange between pro-XRP lawyer Bill Morgan and Chainlink community liaison Zach Rynes has reignited a familiar argument in crypto circles. It cuts to the heart of how Ripple’s business model works and whether the company sells XRP at the expense of the community.

The Claim

He went further, describing XRP as a “bank-themed memecoin” with limited real utility beyond burning a fraction of a token per transaction to prevent spam on the XRP Ledger.

Bill Morgan’s Rebuttal

His central correction was simple. Ripple isn’t selling XRP to retail anymore. Sales now go to institutions or OTC desks. That single distinction changes who bears the exposure and how the transaction chain actually works.

Morgan also addressed the sponsorship angle Rynes raised, referencing Ripple’s college sports deal. He wrote that sponsoring a program “doesn’t make much sense if you think Ripple’s primary business is selling financial technology to banks.” He added that it makes perfect sense once you understand Ripple’s broader commercial strategy around XRP.

Institutional Demand And Long-Term Value

On the buyback question, Morgan pointed to something Rynes didn’t factor in. Institutional demand for XRP is rising. Without disclosure or hard data, he said, nobody can conclude the acquisitions Ripple makes will fail to add value to both Ripple shares and the XRP token over time.

His summary line captured his overall position. Institutions have “probably formed the same view as the market,” he said, that Ripple stock and XRP “can and do both increase over time even if not at the same pace.”

The Wider Thread

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