SEC Utilizes Ripple’s XRP Reports in Lawsuit

4:38 pm
August 2, 2023

In a recent development, Ripple CEO Brad Garlinghouse has accused the US Securities and Exchange Commission (SEC) of using the company’s transparency reports on XRP against them in the ongoing lawsuit. The SEC filed a lawsuit against Ripple in December 2020, alleging that the company’s XRP sales violated securities laws. However, a recent court ruling declared XRP not to be a security.

Garlinghouse expressed his disappointment with the SEC’s actions, stating that the reports were initially intended to provide updates on Ripple’s XRP holdings voluntarily. He reiterated the company’s commitment to transparency despite the setback and hinted at changes to the format of future reports.

This incident coincided with Ripple’s release of its Q2, 2023 XRP Markets Report, which showcased a different approach. While previous editions focused on various ecosystem developments and quarterly sales, the latest report highlighted the July 13, 2023 court ruling on XRP. It aimed to address misconceptions surrounding the ruling and clarify that some XRP sales were deemed securities, while others were not.

Ripple has indicated that it is reassessing the role and contents of its quarterly reports for future editions and will provide updates in Q3 2023.

Ripple’s XRP Markets Reports

The Q2, 2023 XRP Markets Report, which can be found on the Ripple website, provides insights into the XRP market. However, Ripple is reviewing the format and contents of the report following the SEC’s use of the previous reports against them.

FAQs

What is the lawsuit between Ripple and the SEC about?

The SEC filed a lawsuit against Ripple in December 2020, alleging that the company’s XRP sales violated securities laws. The lawsuit is ongoing.

What did the recent court ruling state?

A recent court ruling declared that XRP is not a security, contrary to the SEC’s allegations. This was seen as a positive development for Ripple.

Will Ripple continue to release transparency reports?

Ripple has expressed its commitment to transparency but hinted at changes to the format of future reports. The company will provide updates on this matter in Q3 2023.


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