- Ripple CEO highlights the SEC’s use of transparency against the company.
- Pro-XRP lawyer supports Ripple’s transparency efforts, stating it prevented baseless claims amid the SEC lawsuit.
- The Q2 2023 XRP Markets Report refutes misconceptions about the court ruling.
In a recent tweet, Ripple CEO Brad Garlinghouse commented on Q2 XRP Markets Report, which shed light on the landmark court ruling, and debunked misconceptions surrounding it.
Garlinghouse explained that Ripple began publishing reports to voluntarily update its stakeholders about its XRP holdings. But in an unfortunate turn of events, he added, the U.S. Securities and Exchange Commission (SEC) weaponized Ripple’s own transparency efforts against it.
Nevertheless, the CEO emphasized that the commitment to transparency remains unwavering, although he hinted that future reports might be presented differently.
In response to Garlinghouse, John Deaton, a pro-XRP lawyer, affirmed the impact of these reports on the SEC’s actions against Ripple and its executives.
Deaton argued that Ripple, as a private company, was not obligated to share such information, but its transparency proved to be a double-edged sword. While the SEC used the reports against Ripple, Deaton pointed out that it also prevented the regulator from making baseless claims of fraud, misrepresentation, or manipulation.
Notably, the Q2 2023 XRP Markets Report, available on Ripple’s blog, has been an essential part of the company’s quarterly updates since early 2017. It provides valuable insights on various topics, including crypto markets, Ripple’s XRP sales, decentralized XRP Ledger developments, and broader XRP community news.
However, this time, the report centers around the momentous court decision in July, where the court confirmed that XRP is not a security. Moreover, the report seeks to dispel several misconceptions after the ruling.
One of the main points clarified in the report is the misconception that the decision was a split victory for Ripple and the SEC. Ripple argued against this notion, claiming to have consistently maintained that XRP is not a security, and the court validated this stance.
The report also refutes the idea that certain transactions in XRP might be deemed securities while others are not, asserting that the existence of an investment contract must be evaluated on a transaction-by-transaction basis. It distinguishes traditional shares of stock from XRP, explaining that while shares are always securities, XRP’s status depends on the specific circumstances of each transaction.
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