Ripple Strikes Back: SEC Lawsuit Labelled ‘Propaganda’, Stashes 800 Million XRP in Escrow

The post Ripple Strikes Back: SEC Lawsuit Labelled ‘Propaganda’, Stashes 800 Million XRP in Escrow appeared first on Coinpedia Fintech News

Blockchain powerhouse, Ripple, pulls no punches in its recent response to the mixed victory against the U.S. SEC, dismissing the lawsuit as a mere political gambit. Amid the courtroom drama, Ripple moves to secure a colossal sum of XRP, further fueling the intrigue surrounding this crypto heavyweight.

Ripple Fires Back at Misguided Lawsuit

Following a partial triumph against the U.S. Securities and Exchange Commission (SEC) on July 13, Ripple didn’t waste time in expressing their views. Their Q2 market report, which went public on August 2, offered a fresh perspective on the case, with Ripple branding the SEC’s lawsuit as “misguided” and a blatant “quest for political power”.

Also Read – Ripple’s Unravelling: Dispelling Six Lawsuit Misconceptions in Q2 2023 Report

Squaring Up Against Misconceptions

Ripple took the opportunity to address prevalent misconceptions regarding the judgment. The blockchain firm declared that XRP is not merely security in isolated instances but across the board. In a fiery retort to the SEC, Ripple stated,

“The statement that the same ‘thing’ can be sold to buyer ‘A’ as part of a simple buy/sell transaction and also sold to buyer ‘B’ as part of an investment contract is a non-controversial statement of the law. What finds no basis in the law is the SEC’s propaganda to the contrary.”

Ripple also contested comments suggesting the verdict favored institutional investors over retail participants, underlining that the SEC’s overreach was not the solution for consumer protection.

Ripple Locks Up 800 Million XRP

In the midst of this legal storm, Ripple made a bold move, locking up 800 million XRP into its escrow wallet, as reported by crypto wallet detective, Whale Alert. This strategic action is believed to help maintain market equilibrium between supply and demand.

In Ripple’s Q2 report, the firm provided insight into its current XRP holdings, both within its wallets and those subject to on-ledger escrow lockups. Ripple CEO Brad Garlinghouse also offered his thoughts on the report, remarking that the SEC could no longer use the company’s transparency against them.

Also Read – Brad Garlinghouse Criticizes the SEC’s Use of XRP Report in Legal Proceedings

The verdict continues to stir mixed feelings in the crypto landscape. While another judge suggested that Ripple’s ruling was flawed, the optimism around XRP has seen a slight dip. Despite a 43.16% increase in XRP’s 30-day performance, the coin hasn’t been able to replicate the meteoric rise it experienced following Judge Torres’s partial ruling in Ripple’s favor.