Ripple CEO slams SEC for weaponizing XRP experiences in lawsuit

• Ripple CEO Brad Garlinghouse says the SEC took Ripple’s transparency experiences and used them in opposition to the corporate.
• The SEC sued Ripple over its XRP gross sales in December 2020, alleging the gross sales amounted to securities contracts.
• A courtroom resolution not too long ago declared XRP not a safety.

In Ripple information right now, CEO Brad Garlinghouse has slammed the US Securities and Trade Fee (SEC) over its obvious weaponization of what’s been “good-faith” transparency experiences on XRP.

Acccoridng to him, the SEC took the common experiences and used their particulars in its lawsuit in opposition to the corporate and its high executives. Garlinghouse, who was additionally sued by the SEC in December 2020, nonetheless, reiterated Ripple’s dedication to transparency.

“We started these experiences to voluntarily present updates given our XRP holdings. Sadly, they have been used in opposition to us within the SEC lawsuit – nonetheless, we stay steadfast in our dedication to transparency however I believe they’re going to look a bit completely different shifting ahead,” he mentioned.

Ripple’s XRP markets experiences

Garlinghouse’s remarks adopted Ripple’s launch of its Q2, 2023 XRP Markets Report, with the corporate noting the completely different method taken. With earlier editions, Ripple has targeted on a number of XRP ecosystem developments, together with market insights and quarterly gross sales.

We started these experiences to voluntarily present updates given our XRP holdings. Sadly, they have been used in opposition to us within the SEC lawsuit – nonetheless, we stay steadfast in our dedication to transparency however I believe they’re going to look a bit completely different shifting ahead https://t.co/oANR6WCG09

— Brad Garlinghouse (@bgarlinghouse) August 2, 2023

“Whereas printed in religion effort at transparency, these quarterly experiences have been weaponized in opposition to the Firm by the SEC. Ironic for an company that touts transparency and disclosure. Accordingly, Ripple is re-evaluating the function and contents of this report going ahead and may have updates on that entrance in Q3 2023,” Staff Ripple wrote in its report printed July 31.

The change in method already noticed the Q2 report give attention to the July 13, 2023 courtroom ruling on XRP, together with particulars “debunking misconceptions” in regards to the ruling being a break up resolution and that the courtroom deemed some gross sales of XRP as securities and others not.