Ripple News: SEC Draws Fire from Ripple CEO over XRP Report Usage in Legal Battle

Ripple News

Ripple, the prominent crypto payments solutions firm, has released its Q2 2023 XRP Markets Report, as per an official announcement on August 2. However, the report’s release was accompanied by criticism from Ripple CEO Brad Garlinghouse, who accused the US Securities and Exchange Commission (SEC) of using the report against the company in the ongoing lawsuit.

The XRP Markets Report is aimed at providing transparency to the cryptocurrency industry, offering insights into Ripple’s XRP holdings and on-ledger escrow activities. In this quarter’s report, Ripple revealed that its XRP holdings increased by nearly 45 million, reaching a total of 5,551,119,094 XRP. Meanwhile, the on-ledger escrow saw a decrease of almost 1 billion XRP, reflecting demand dynamics.

Ripple Expresses Disappointment at the SEC

Despite the company’s voluntary efforts to publish these quarterly reports, Ripple expressed disappointment that the SEC used the report’s information against them in the lawsuit. Garlinghouse, reiterated the company’s commitment to transparency but hinted that future reports might undergo changes given the circumstances.

In addition to Garlinghouse’s criticism, XRP lawyer John Deaton also condemned the SEC for leveraging the XRP Markets Report against Ripple and its executives in the legal battle. Deaton pointed out that while Ripple voluntarily shares these reports, other firms hide token sales and intentionally obscure transactions, raising questions about the SEC’s approach.

The ongoing lawsuit between Ripple and the SEC has drawn attention from the cryptocurrency community and regulatory circles alike. As the legal proceedings unfold, stakeholders eagerly await further developments and the potential implications they may have on Ripple’s operations and the broader crypto landscape.

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