Ripple CEO Criticizes SEC's Use of Company’s Reports in Lawsuit
Ripple CEO criticizes the SEC for using their voluntary XRP report as evidence in a lawsuit.
Brad Garlinghouse, the CEO of Ripple, has criticized the United States Securities and Exchange Commission (SEC) for using Ripple's quarterly XRP Markets Report as evidence against them in an ongoing lawsuit. These reports were initially made to increase transparency about Ripple's activities with the XRP cryptocurrency.
The latest report for Q2 2023 was released by Ripple on July 31. It covers important details like a judgment from Judge Torres and explains Ripple's XRP holdings. It showed that Ripple's holdings of XRP increased by about 45 million, while the total XRP on escrow decreased by nearly 1 billion due to high demand.
Garlinghouse and John Deaton, a lawyer for XRP, are not happy about the SEC using these reports against Ripple in court. They say Ripple willingly publishes these reports every quarter, while other companies hide or disguise similar transactions.
On July 13, Judge Torres made a key ruling in the lawsuit between the SEC and Ripple. She declared that XRP is not a security. But Ripple clarified that while not all XRP sales are considered securities, those made under written contracts can be seen as investment contracts and can be classified as securities.
Finally, Ripple cleared up some confusion about this partial win in court. They emphasized that even though XRP is not always considered a security, it might be in some cases. They also said that this ruling protects sophisticated institutions more than it does ordinary buyers.
Reported By Coinpaprika News
