Ripple (XRP) has finally issued a detailed response to its recent legal victory over the U.S. SEC, which occurred on July 13. While expressing initial satisfaction with the ruling, the company’s latest Q2 market report aims to address any issues related to the case.
The report released by Ripple on July 31 later became publicly available on August 2. In response to the SEC’s action, Ripple declared that the litigation was flawed and motivated by a never-ending “quest for political power.
However, Ripple also clarified some of the judgment’s misconceptions. According to the company, XRP provides security in all regions, not just some. Ripple accused the SEC of being an advocate, saying:
The idea that the same “thing” can be sold to buyer “A” in a simple buy/sell transaction and also sold to buyer “B” through an investment contract is widely accepted as a legal principle. However, what lacks any legal basis is the propaganda spread by the SEC stating otherwise.
Ripple also addressed specific comments that supported the idea that the decision prioritized institutional investors over individual retail traders. The blockchain company clarified that this sentiment was entirely false and explained that:
Consumers require protection, yet placing exclusive reliance on the SEC is not the optimal solution. In cases where the SEC’s actions exceed their jurisdiction, it is inappropriate for a court, or the SEC itself assume the role of filling regulatory gaps without proper legal authority.
Ripple secured 800 million XRP in a safe escrow wallet, marking yet another significant development in crypto.
— Whale Alert (@whale_alert) August 1, 2023
XRP Lockup & Ripple’s Transparency
Ripple follows a general guideline by occasionally locking XRP to maintain a balance between supply and demand in the market. In their report, Ripple details its XRP holdings on the ledger and in escrow.
This information sheds light on the overall quantity it possesses. They have made XRP available in our wallets and are gradually releasing XRP from on-ledger trust lockups over the following 42 months.
Ripple CEO Brad Garlinghouse also provided his insights on the report. He pointed out that the SEC had leveraged the company’s transparency as a disadvantage. However, the regulatory agency cannot employ a similar strategy this time.
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 recent times, a different judge assigned to the Terraforms Labs case expressed their disagreement with the Ripple decision. Currently, the general attitude towards XRP is not as optimistic as it once was.
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At present, XRP has experienced a remarkable 43.16% increase in performance over the past 30 days. However, this rise is a significant drop from its previous rising climax when Judge Torres deemed XRP a Success was just limited.