Title: Ripple CEO Criticizes SEC’s Use of XRP Markets Report as Evidence in Ongoing Lawsuit
In the latest development in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple CEO Brad Garlinghouse has expressed his disapproval of the SEC’s use of Ripple’s quarterly XRP Markets Report as evidence against the company.
Initially intended to provide voluntary updates on Ripple’s XRP holdings, the reports have been used by the SEC to build its case. Garlinghouse hinted that future reports may undergo changes to ensure that they cannot be twisted and used against Ripple in a similar manner.
Ripple recently released its Q2 2023 XRP Markets Report, which aims to highlight the significance of Judge Torres’ summary judgment ruling and to clarify any misconceptions surrounding Ripple’s XRP holdings. The report showcases an increase in Ripple’s XRP holdings and a decrease in XRP on ledger escrow.
The report’s findings have received support from XRP lawyer John Deaton, who also expressed his disapproval of the SEC’s use of the reports as evidence.
While Ripple acknowledges Judge Torres’ ruling that XRP is not considered a security, the company clarifies that sales executed under written contracts can still be classified as investment contracts, falling under the security classification. Ripple emphasizes that although XRP is not a security in certain contexts, it may still be considered as such in specific circumstances.
This ruling provides protection to sophisticated institutions, but it does not offer the same level of protection to retail buyers, which has raised concerns among market participants.
In an unrelated case, the article discusses Terraform, highlighting the ongoing debate over whether SEC Chairman Gary Gensler holds the final say in cryptocurrency regulation. The outcome of this case may have significant ramifications for the overall regulatory landscape.
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