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Ripple CEO slams SEC over the use of XRP report in lawsuit

  • Ripple CEO Brad Garlinhouse criticizes the Securities and Exchange Commission (SEC) for using Ripple’s quarterly XRP Markets Report as evidence in the ongoing lawsuit against the company.
  • The XRP Markets Report was designed to enhance transparency in the cryptocurrency industry and Ripple voluntarily offered updates on its XRP holdings through these reports.
  • Galinghouse expressed disappointment that the reports were used against Ripple in the SEC lawsuit and hinted that future reports may undergo changes.
  • John Deaton, the lawyer representing XRP, also expressed strong disapproval of the SEC’s use of the reports as evidence against Ripple and its executives.
  • Ripple acknowledged the significant ruling made by Judge Torres, which declared that XRP is not considered a security.
  • Ripple clarified that while XRP sales are not classified as securities, sales executed under written contracts can be categorized as investment contracts and fall under the security classification.
  • Ripple addressed misconceptions surrounding its partial victory and clarified that while XRP is not a security in certain contexts, it may still be considered as such in specific circumstances.
  • The ruling provides protection to sophisticated institutions but does not extend the same protection to retail buyers.

On July 31, Ripple released its Q2 2023 XRP Markets Report, which highlighted key milestones and clarified misconceptions regarding Ripple’s XRP holdings.


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