Ripple in Dispute with SEC over Usage of Q2 Market Report

Ripple in Dispute with SEC over Usage of Q2 Market Report

Time Stamp: August 2, 2023 9:56 AM
Source Node: 2800294

Brad Garlinghouse claims that SEC is using Ripple’s transparent practices against the firm.

Ripple’s CEO, Brad Garlinghouse, has publicly voiced his dissatisfaction with the United States Securities and Exchange Commission’s (SEC) use of Ripple’s XRP Markets Report as evidence in an ongoing legal battle.

Ripple has long been known for its transparency in the cryptocurrency space, as seen through their voluntary XRP Markets Reports. These reports shed light on Ripple’s holdings and clarify the company’s operations.

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In a recent Q2 2023 report, significant attention was paid to various key aspects, including Judge Torres’ summary judgment ruling and the increase of Ripple’s XRP holdings by 45 million.

The report also highlighted that the total XRP on ledger escrow had decreased by nearly 1 billion, a trend attributable to the rising demand for XRP. However, the company’s goodwill in offering these insights is now being challenged, as the SEC has utilized these same reports in their case against Ripple.

In addition to Garlinghouse’s criticisms, XRP lawyer John Deaton vehemently disapproved of the SEC’s utilization of these reports in the lawsuit. Deaton contrasted Ripple’s willingness to publish these reports with other firms that conceal or even deliberately disguise token sales.

The sentiments of both Garlinghouse and Deaton reveal a shared concern that Ripple’s transparent practices are being twisted to the company’s disadvantage.

Ripple secured quite an important win on July 13th, with Judge Torres ruling that XRP is not a security. The company acknowledged this significant development but emphasized that while all XRP sales are not securities, some sales under written contracts might still fall under that classification. 

The unfolding saga between Ripple and the SEC underscores the nuanced and often fraught relationship between cryptocurrency firms and regulatory bodies. Ripple’s commitment to transparency appears to have backfired in this instance, raising questions about how openness might be balanced with legal protection.

Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she’s not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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