Ripple CEO Condemns SEC’s Legal Tactics Involving XRP Report

Vignesh Karunanidhi
Ripple Expands Crypto Services With Fortress Trust Acquisition
Source: Coindesk

In a recent ruling, a US judge concluded that Ripple XRP should not be classified as a security, effectively resolving the legal conflict between XRP and the SEC.

Ripple CEO Brad Garlinghouse earlier expressed his views regarding the Securities and Exchange Commission (SEC), voicing concerns about their approach to the case. He stated that the agency’s actions have led to consumer vulnerability and confusion. In one of his recent tweets, he slammed the SEC for using the Q2 2023 XRP Markets Report in the lawsuit.

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Ripple CEO slams SEC’s move

Garlinghouse stated that Ripple began publishing the XRP Markets Report voluntarily to provide regular updates on the company’s XRP holdings. However, the SEC’s decision to use these reports against Ripple in the lawsuit came as a surprise and raised concerns about the potential misuse of transparent disclosures in legal battles.

Despite the unexpected use of the reports by the SEC, Garlinghouse emphasized that Ripple remains committed to transparency. The company has been actively working to ensure open communication with its stakeholders, including investors and the broader crypto community.

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The recent report from Ripple reveals that the firm’s XRP holdings spiked from 5,506,585,918 to 5,551,119,094. Not just Garlinghouse, but other prominent XRP supporters, including John E Deaton, voiced their disapproval of the SEC’s move.