Ripple CEO Slams SEC for Weaponizing XRP Reports in Lawsuit

• Ripple CEO Brad Garlinghouse slams SEC for using transparency reports against them.
• Ripple releases Q2 XRP Markets Report with a different approach than previous editions.
• Ripple is re-evaluating the role and contents of future reports going forward.

Ripple CEO Slams SEC

Ripple CEO Brad Garlinghouse has criticized the US Securities and Exchange Commission (SEC) for weaponizing their good-faith transparency reports on XRP in its lawsuit against the company and its top executives. Garlinghouse remains committed to transparency, but notes that future reports will likely look different from past ones.

Q2 2023 XRP Markets Report

Ripple has released its Q2, 2023 XRP Markets Report, noting that while the quarterly reports were created in good faith, they have been used by the SEC against Ripple in its lawsuit. As such, Ripple is re-evaluating the role and contents of this report going forward and plans to have updates on that front in Q3 2023.

July 13 Court Ruling

The Q2 report focused heavily on the July 13 court ruling which declared XRP not a security. This ruling was seen as a major victory for Ripple who had been sued by the SEC in December 2020 over alleged securities contracts related to their XRP sales.

Transparency Reports

Garlinghouse noted that prior to being sued by the SEC, Ripple had begun providing updates through regular transparency reports due to their large holdings of XRP. He believes these reports were taken out of context and used against them in court.

Commitment To Transparency

Despite his criticisms of how these transparency reports were used against them, Garlinghouse reiterated Ripple’s commitment to keeping an open and transparent relationship with their stakeholders