Ripple accuses SEC of weaponizing the company’s quarterly reports in court
Aug. 2, 2023
By Oluwapelumi Adejumo
Ripple stated that its total XRP holdings increased by about 45 million during the second quarter.
Ripple has decided to remove details of its XRP transactions from its quarterly reports, a change driven by a lawsuit from the U.S. Securities and Exchange Commission (SEC) against the company.
In the July 31 report, Ripple explained that the SEC’s action forced it to re-evaluate the role and contents of its quarterly report from now on. However, the firm stated that it remains committed to being transparent.
Brad Garlinghouse, Ripple’s CEO, also reiterated this comment in a separate tweet, saying:
“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.”
Crypto lawyer John Deaton noted that Ripple was not obligated to provide the information it has been sharing since 2017 as a private company.
But he added that Ripple’s transparency likely prevented the SEC from bringing any charges related to fraud, manipulation, and misrepresentation against the company.
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