Ripple CEO slams SEC over use of XRP report in lawsuit
Ripple CEO Brad Garlinhouse on August 2, expressed his disapproval of the United States Securities and Exchange Commission (SEC) for utilizing Ripple's quarterly XRP Markets Report, designed to enhance transparency in the cryptocurrency industry, as evidence against the company in the ongoing lawsuit.
Garlinghouse stated that the company initiated the reports with the intention of voluntarily offering updates on their XRP holdings. However, the CEO said, these reports were later "used against" the company in the SEC lawsuit. Garlinghouse reiterated the company's commitment to transparency but hinted that future reports might undergo some changes.
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 https://t.co/oANR6WCG09
As per the official announcement on July 31, Ripple, the crypto payments solutions firm, unveiled its Q2 2023 XRP Markets Report. This report stands out from previous quarters as it centers on key highlights such as Judge Torres' significant summary judgment ruling, clarifying misconceptions and shedding light on Ripple's XRP holdings.
The report reveals that Ripple's XRP holdings surged from 5,506,585,918 to 5,551,119,094, representing an increase of approximately 45 million. Simultaneously, the total XRP on ledger escrow decreased by nearly 1 billion, which can be attributed to the rising demand for XRP.
In addition to Ripple CEO's criticism, XRP lawyer John Deaton also expressed strong disapproval of the SEC's use of these reports as evidence against the company and its executives in the ongoing
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