Ripple CEO Expresses Disdain for SEC
The CEO of Ripple, Brad Garlinghouse, recently expressed his strong dislike for the United States Securities and Exchange Commission (SEC) due to their use of Ripple’s quarterly XRP Markets Report as evidence against the company in an ongoing court case.
Key Points:
- Ripple presented the Q2 2023 XRP Markets Report on July 31, 2023.
- The report highlights important events, including a summary judgment ruling by Judge Torres and clarifications on misconceptions.
- Ripple’s XRP holdings increased by nearly 45 million, despite a decrease in XRP held in ledger escrow by over 1 billion.
- Attorney John Deaton criticized the SEC’s use of the reports as evidence, claiming it was inconsistent with their approach to other companies.
- Judge Torres ruled that XRP is not considered a security in the case of SEC v. Ripple Labs.
Clarifications on XRP’s Status:
Ripple clarified that while XRP is not considered a security in certain contexts, sales under written contracts could be classified as investment contracts and fall under the security categorization. The verdict offers protection to sophisticated institutions but not retail clients. Ripple aimed to address any confusion surrounding their partial success in the case.
In conclusion, Ripple’s CEO’s frustration with the SEC’s use of their XRP Markets Report as evidence reflects the ongoing legal battle between Ripple and the SEC. The ruling by Judge Torres regarding XRP’s status as a security provides some clarity, but there are still nuances to consider. The outcome of this case will have significant implications for the future of Ripple and the cryptocurrency industry as a whole.
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