Ripple, a prominent crypto payments solutions firm, made headlines on August 2 with the release of its Q2 2023 XRP Markets Report. The report, aimed at bringing transparency to the cryptocurrency industry, sheds light on Ripple’s XRP holdings and on-ledger escrow activities.
However, the report’s release was marred by criticism from none other than Ripple’s CEO, Brad Garlinghouse, who accused the US Securities and Exchange Commission (SEC) of using the report to undermine the company during the ongoing legal battle.
The Q2 report revealed some significant figures that showcased Ripple’s growth and performance. The company’s XRP holdings experienced a substantial increase of nearly 45 million, reaching a total of 5,551,119,094 XRP. Simultaneously, the on-ledger escrow witnessed a decrease of almost 1 billion XRP, which mirrored the demand dynamics in the cryptocurrency market.
Despite Ripple’s voluntary efforts to provide the industry with a transparent view through these quarterly reports, the SEC’s actions have left the company feeling disheartened. Brad Garlinghouse emphasized the company’s unwavering commitment to transparency. Nevertheless, he hinted that future reports might undergo changes given the current circumstances and the potential for exploitation.
Adding to the chorus of criticism against the SEC, XRP lawyer John Deaton also condemned the regulatory body’s use of the XRP Markets Report against Ripple and its executives. Deaton pointed out the discrepancy in treatment, wherein Ripple voluntarily discloses its information, while other firms allegedly conceal token sales and obscure transactions.
This has raised serious questions about the SEC’s approach and fairness in handling the case.
The ongoing lawsuit between Ripple and the SEC has drawn attention from the cryptocurrency community and regulatory circles alike.
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