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Ripple CEO criticizes SEC’s use of XRP markets report as evidence in the ongoing case

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TL;DR

  • Ripple’s XRP Markets Report for Q2 2023 discloses increased XRP holdings but reflects a drop in on-ledger escrow.
  • The report becomes a point of contention in the legal battle between Ripple and the SEC.
  • Ripple CEO Brad Garlinghouse criticizes the SEC for using the report as evidence in court.

Ripple has recently released its XRP Markets Report for Q2, 2023, aiming to enhance industry transparency by disclosing its XRP reserves and on-ledger escrow activity.

The report revealed that Ripple’s total XRP holdings as of the end of the third quarter were 5,551,119,094, showing an increase of approximately 45 million from the previous quarter. However, demand patterns were reflected in a drop of about 1 billion XRP from the on-ledger escrow.

While the report was meant to demonstrate Ripple’s commitment to openness, it has become a point of contention in the ongoing case between the company and the US Securities and Exchange Commission (SEC).

Ripple CEO Brad Garlinghouse expressed his dismay at the SEC’s use of the quarterly report as evidence against the firm in court. He accused the SEC of exploiting the voluntarily published information for their case. Garlinghouse reassured stakeholders of Ripple’s dedication to transparency but acknowledged the possibility of modifications in future reports.

The frustration is shared by XRP lawyer John Deaton, who questioned the SEC’s approach, pointing out that while Ripple willingly discloses these records, some companies deliberately conceal token sales and obscure transactions.

The case has captured the attention of both cryptocurrency enthusiasts and regulators due to its potential impact on Ripple’s business and the wider cryptocurrency industry. The legal proceedings are being closely monitored to assess their implications.

The XRP Markets Report is a crucial element in the ongoing dispute. It provides valuable insights into Ripple’s financial activities and XRP reserves. However, its use as evidence in the court case has raised concerns about how such disclosures may be utilized against the company.

Furthermore, stakeholders are keenly observing how the SEC’s actions could influence the regulatory landscape for cryptocurrencies. The case may set a precedent for how regulatory bodies approach similar situations.

The disagreement between Ripple and the SEC highlights emerging digital assets’ complexities and challenges in navigating regulatory frameworks. It also underscores the importance of clear communication and collaboration between the industry and regulators.

While intended to promote openness, Ripple’s XRP Markets Report for Q2 2023 has become a subject of dispute in the ongoing legal battle with the SEC. As stakeholders closely monitor the case’s developments, the cryptocurrency industry eagerly awaits the potential implications on Ripple and the broader regulatory environment. The incident serves as a reminder of the delicate balance between transparency and regulatory compliance in the evolving world of cryptocurrencies.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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