Breaking: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit

Ripple CEO Brad Garlinhouse on Wednesday criticized the US Securities and Exchange Commission (SEC) for using Ripple’s quarterly XRP Markets Report, which aims to provide transparency to the crypto industry, against the firm in the lawsuit. Ripple has increased its XRP holdings by almost 45,000,000 in the second quarter amid the SEC suit.

Ripple Releases Q2 XRP Markets Report

Crypto payments solutions firm Ripple has released its Q2 2023 XRP Markets Report, according to an official announcement on August 2. The firm took a different direction for this quarter and focused on Judge Torres’ landmark summary judgment ruling, dispelling misconceptions, and Ripple’s XRP holdings.

Ripple CEO Brad Garlinhouse, said:

“We began 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.”

According to the report, Ripple’s XRP holdings increased from 5,506,585,918 to 5,551,119,094, rising almost 45 million. Total XRP on ledger escrow decreased by nearly 1 billion amid demand for XRP.

XRP lawyer John Deaton also condemns SEC for using these reports against the company and executives in the lawsuit. While Ripple voluntarily publishes these reports quarterly, other firms not only hide share token sales, but intentionally disguised such transactions.

“Even though the SEC and others used this info against Ripple, the transparency prevented the SEC from attempting to assert bogus fraud, misrepresentation, or manipulation charges – which, let’s face it, it would have, if it could have. When your transparent they can’t claim fraud – even when they want to.”

Read More: Judge Denies Torres Ruling To Dismiss SEC Lawsuit, What It Means For XRP And Terra?

Victory Against US SEC and Misconceptions

Ripple noted Judge Torres’ landmark decision in Securities & Exchange Commission v. Ripple Labs on July 13, declaring XRP is not a security. All XRP sales are not security, except sales pursuant to written contracts are investment contracts and therefore securities.

Ripple also dispels misconceptions regarding it’s partial win for the company, XRP is a security in some settings, and share of stock is always a security. It also clears air that the decision protects sophisticated institutions but not retail buyers.

Also Read:

• Is Crypto Really Banned In China? Binance Users Traded $90 Billion In Crypto
• MicroStrategy Plans to Buy More Bitcoins With $750 Million Stock Sale
• Coinbase CEO Brian Armstrong Looks To Integrate Bitcoin Lightning Network