In mid-July, the judge announced his decision on the SEC-XRP case, stating that the sale of XRP on exchanges is not a security.
XRP is on the rise after Ripple's victory over the SEC.
While there was talk that the SEC will appeal the XRP decision, Ripple CEO Brad Garlinghouse criticized the SEC.
In a post on his Twitter account, the Ripple CEO criticized the SEC for using the SEC's quarterly XRP Markets Report, which aims to provide transparency to the crypto industry, against the firm in the lawsuit.
Ripple released its “XRP Markets Report for the 2nd Quarter of 2023” in its announcement on August 2.
According to the report, Ripple's XRP holdings rose from 5,506,585,918 to 5,551,119,094, up nearly 45 million. Total XRP in ledger escrow has decreased by nearly 1 billion due to demand for XRP.
Garlinghouse stated that Ripple disclosed its quarterly reports voluntarily and to ensure transparency, saying:
“We started the XRP reports to voluntarily provide updates given our XRP holdings.
Unfortunately these reports were used against us in the SEC case. But we remain firm in our commitment to transparency.”
We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency but I suspect they’re going to look a bit different moving forward https://t.co/oANR6WCG09
— Brad Garlinghouse (@bgarlinghouse) August 2, 2023
In addition to the SEC criticism of Ripple CEO, XRP attorney John Deaton also expressed his disapproval of the SEC's use of XRP reports as evidence against Ripple and its executives in the ongoing lawsuit.
Deaton said that Ripple voluntarily releases these reports quarterly, while other firms not only hide their token sales, but do so deliberately.
“It is absolutely true that the SEC is using the transparency of these reports against Ripple and its two executives.
As a private company, Ripple was under no obligation to share this information. Other companies not only did not share their token sales, but also deliberately concealed these transactions.
….”
It is absolutely true that the SEC used the transparency of these reports against Ripple and its two executives. As a private company, Ripple was under no obligation to share this info. Other companies not only didn’t share token sales, but intentionally disguised those… https://t.co/mbAO6feEfW
— John E Deaton (@JohnEDeaton1) August 2, 2023
