SEC Cites XRP Reports in Lawsuit Against US


Ripple CEO Brad Garlinghouse has recently criticized the US Securities and Exchange Commission (SEC) for taking the company’s transparency reports on XRP and using them as evidence against them. In December 2020, the SEC sued Ripple and its executives for allegedly making XRP sales as securities contracts. However, a court ruling recently declared XRP not a security.

Garlinghouse expressed his disappointment in the SEC’s actions, commenting that “we started these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency but I suspect they’re going to look a bit different moving forward.”

Ripple has recently released its Q2 2023 XRP Markets Report, but with a different approach. Previous reports have focused on developments in the XRP ecosystem, market insights, and quarterly sales. Ripple noted that “while published in a good faith effort at transparency, these quarterly reports have been weaponized against the Company by the SEC. Ironic for an agency that touts transparency and disclosure.”

The Q2 report addressed the July 13, 2023 court ruling on XRP, as well as debunking misconceptions such as the ruling being a split decision and some XRP sales being deemed securities and others not.

Team Ripple announced that they are re-evaluating the role and contents of the report and will have updates on that front in Q3 2023. No matter what, Ripple has committed to transparency and will continue to do so.

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