John Deaton Weighs In on Ripple’s Confrontation with SEC on its Q2 2023 Report

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The post John Deaton Weighs In on Ripple’s Confrontation with SEC on its Q2 2023 Report appeared first on Coinpedia Fintech News

Ripple, the parent company of the XRP cryptocurrency, has released its Q2 2023 XRP Markets Report. John Deaton, a prominent figure in the XRP community, has stepped into the ongoing fray between Ripple, the parent company of XRP, and the US Securities and Exchange Commission (SEC). Deaton emphatically argues that Ripple’s unwavering commitment to transparency has been its ultimate shield against allegations of fraud, misrepresentation, or manipulation.

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

Deaton underlined that despite the SEC using Ripple’s openness against it, the company’s stance on transparency essentially secured it from potential fraud allegations. He noted that as a private company, Ripple wasn’t obligated to share the information it did. However, its voluntary decision to share token sales and other financial operations has undoubtedly set a new standard in the crypto market.

Brad Garlinghouse, amidst the ongoing legal turmoil, hinted at a potential shift in the way Ripple communicates its financial disclosures in the future. While he stated the company’s commitment to transparency would not waver, the format and depth of their reports may be up for change.

Ripple’s Legal Tussle: A Worldwide Effect

An interesting interchange unfolded when an XRP user from Australia corrected a misconception in a tweet by Ripple’s CEO, Brad Garlinghouse. The user pointed out that the SEC’s actions against Ripple hadn’t just impacted U.S. XRP holders but also had significant repercussions for holders worldwide. In response, Garlinghouse acknowledged the global impact, illustrating the far-reaching implications of the SEC lawsuit.

Adding his voice to the lively exchange, Bill Morgan, another active participant in the XRP community, emphasized the fungible nature of the XRP token. In his assertion, he critiqued the SEC’s claim of an everlasting global common enterprise, observing that the price for all XRP holders, irrespective of location, rises and falls together.

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