Ripple CEO Brad Garlinghouse’s Comments on Quarterly Financial Reports
Ripple CEO Brad Garlinghouse mentioned that the company’s quarterly financial reports may change due to the use of the reports against Ripple by the US Securities and Exchange Commission (SEC) in their lawsuit. Garlinghouse emphasized that the reports were voluntarily released to show transparency, but they were used against the company in the lawsuit.
Key Points:
- Ripple released its Q2 2023 XRP markets report, which focused on the court ruling and misconceptions surrounding it.
- The court ruling declared that XRP is not a security, a victory for Ripple and the broader crypto industry.
- Ripple clarified that XRP is not a security token based on the judge’s ruling.
- Ripple addressed the misconception that the ruling protected institutional buyers more than retail traders.
- Ripple’s XRP holdings increased from the previous quarter, and the total XRP on ledger escrow decreased.
John Deaton’s Perspective on Ripple’s Transparency
XRP holders’ lawyer John Deaton believes that Ripple’s transparency played a role in saving the company from fraud and manipulation charges. Deaton highlighted that Ripple voluntarily published its quarterly reports, unlike other companies that hid token sales and disguised transactions. According to Deaton, the SEC would have included additional charges if they had found any evidence of fraud or manipulation.
Hot Take:
Ripple’s commitment to transparency through their quarterly reports may have inadvertently worked against them in the SEC lawsuit. However, their efforts to clarify misconceptions and their increased XRP holdings demonstrate their resilience in the face of legal challenges. Transparency can be a double-edged sword, but Ripple’s proactive approach sets a positive example for the crypto industry.
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