XRP news today: Ripple Ends Quarterly XRP Reports Amid SEC Lawsuit Uncertainty

In April 2024, Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) had agreed to drop the lawsuit against Ripple, similar to other crypto companies. However, the SEC has not officially confirmed the end of the case, leading to mixed reactions within the XRP community. While many celebrate the perceived conclusion of the legal battle, a pro-XRP lawyer cautioned that the case is not yet over. The lawyer emphasized that several legal steps still need to be completed in court before the lawsuit can be considered truly resolved.

Ripple’s Chief Legal Officer, Stuart Alderoty, questioned the SEC's initial decision to bring the case, noting that the SEC has now dropped every crypto case in the U.S., including its appeal against Ripple. Alderoty explained that the SEC admitted it couldn’t take legal action without first clearly explaining the rules around crypto. Since there were no clear laws for crypto in the U.S., the SEC’s cases didn’t hold up. Ripple aims to move forward by focusing on business, working with Congress, and helping create fair rules for crypto. Their goal is to protect consumers, keep out bad actors, and support innovation in the industry.

In a significant development, Ripple has announced that it will stop publishing its regular quarterly reports on XRP. The company cited the SEC's use of Ripple’s transparency efforts against it during their legal battle as the reason for this decision. Ripple initially started the reports to be open about its XRP holdings and to share information that few other crypto companies were offering. However, Ripple now says those efforts didn’t work as planned and were actually turned against them, especially by former SEC leaders.