Ripple CEO Brad Garlinghouse just unleashed a tweetstorm countering recent concerns about the company’s ongoing sales of XRP, and whether they’re affecting the price of the third-largest cryptocurrency by market cap.
Garlinghouse says Ripple will soon respond to an amendment in the class-action lawsuit against the company, which accuses it of selling XRP as an unregistered security.
“As a defendant in the class-action lawsuit, I won’t get into the details (response from Ripple is coming soon). I will say: SEC guidance isn’t issued by the Commission and isn’t law, rule or regulation. It’s clear XRP is not a security and the UK and others have said as much.”
According to Garlinghouse, Ripple is setting a standard in transparency that other organizations, companies and foundations in the space should follow. He also cites XRP’s rate of inflation compared to Bitcoin and Ethereum.
“XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte. Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.
Ripple continues to set industry standards in reporting and transparency (one example is our quarterly markets report). We lay it all out, and it’s not our ‘view’ but fact.”
The tweetstorm follows a report from Bloomberg on the performance of XRP in 2019 and petition signed by 2,000 people urging Ripple to stop selling XRP.
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