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HomeCrypto NewsMarketRipple CEO Says Our Commitment to Transparency in XRP Reporting Remains Strong

Ripple CEO Says Our Commitment to Transparency in XRP Reporting Remains Strong


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Ripple CEO laments SEC’s use of Ripple transparency report against the firm; pro-XRP lawyer supports transparency efforts.

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Ripple recently announced its Q2 2023 XRP Markets Report, signaling this quarter’s unique approach. The report delved into the groundbreaking court ruling and dispelled misconceptions surrounding it.

Brad Garlinghouse, the CEO of Ripple, expressed that the initial intent behind the reports was to offer voluntary updates on its XRP holdings. However, to his dismay, these reports were later utilized against Ripple in the SEC lawsuit.

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Despite this setback, Garlinghouse affirmed the firm’s unwavering commitment to transparency while hinting at forthcoming changes to the reports.

Pro-XRP Lawyer Reacts

In response, a prominent attorney and XRP advocate, John Deaton, echoed the sentiment that the SEC had indeed exploited Ripple’s transparency against them. 

He highlighted that, as a private company, Ripple had no responsibility to disclose such information. Yet the firm chose to do so to raise the bar for transparency within the crypto industry.

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However, Deaton argued that this transparency prevented the US regulator from falsely accusing Ripple of fraud, misrepresentation, or manipulation, which they might have done if the information had not been available.

Q2 2023 XRP Markets Report

Meanwhile, Ripple focused on the July court decision in the latest report capturing developments for the year’s second quarter. The firm aimed to debunk several misconceptions arising after the decision.

One such misconception is that the ruling was a split decision. Ripple contended that his point holds no water given that the firm had consistently maintained that XRP is not a security, which the US court ultimately affirmed.

Another concern addressed in the report is that the decision suggests XRP can be considered a security in certain situations and not in others. The report clarifies that XRP itself was never a security. 

Quoting the court, Ripple stated that while XRP can be sold as an investment contract when paired with promises, it does not automatically transform into a security on its own. 

The court statement read in part: “XRP, as a digital token, is not in and of itself … an investment contract.”

The report also refutes the notion that the ruling protects sophisticated institutions, not retail buyers. Ripple emphasized that the court’s ruling determines the reach of the SEC’s jurisdiction and the definition of securities on a transaction basis rather than the parties involved.

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Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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