Ripple Releases 2nd Quarter XRP Markets Report Amid SEC Lawsuit - COINTURK NEWS
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Ripple Releases 2nd Quarter XRP Markets Report Amid SEC Lawsuit

1:28 pm (56 days ago)
August 2, 2023

Ripple has published the XRP Markets Report, shedding light on the second quarter of the year amidst the lawsuit filed by the U.S. Securities and Exchange Commission (SEC). According to the report, Ripple increased its XRP holdings by approximately 45 million. Ripple CEO Brad Garlinghouse criticized the quarterly XRP Markets Report, which aims to provide transparency to the cryptocurrency industry, stating that the SEC has used it against the company.

Ripple Releases 2nd Quarter XRP Markets Report

Blockchain company Ripple has published the XRP Markets Report for the second quarter of the year in an official announcement on August 2nd. The company took a different approach for this quarter and focused on eliminating misconceptions in Judge Torres’ pivotal summary judgment related to the SEC lawsuit and on XRP assets.

According to the report, the number of XRP held by Ripple increased by almost 45 million from 5,506,585,918 to 5,551,119,094 during the second quarter of the year. However, the amount of XRP held in the company’s escrow wallets decreased by approximately 1 billion due to high demand.

In a statement following the publication of the report, Ripple CEO Brad Garlinghouse said, “We started publishing these reports voluntarily to provide transparency regarding our XRP holdings. Unfortunately, the SEC has used these reports against us in the lawsuit. We remain committed to our transparency pledge, but I suspect that they will be used against us in a different way in the future.”

XRP supporter attorney John Deaton criticized Ripple for voluntarily publishing these reports every three months and SEC’s use of these reports against the company and its executives, stating that other companies not only hide token sales but also intentionally conceal such transactions. Deaton stated, “Although the SEC and others have used this information against Ripple, transparency prevents the SEC from making false fraud, misrepresentation, or manipulation claims. Let’s face it, even if they could, they wouldn’t be able to accuse us of fraud when we are transparent.”

Partial Victory Against False Claims by the U.S. Regulator SEC

The report focuses on Judge Torres’ landmark ruling on July 13th in the SEC-Ripple case, declaring that XRP is not a security. It highlights that the court ruled that all XRP sales, except those made through written agreements, are not securities, while others are considered securities due to investment contracts.

The report also clarifies why the decision is a partial victory for the company, dispelling misconceptions that XRP is a security in all cases and denying claims that the court protects sophisticated institutions but not individual buyers.

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