How A lot XRP Does Ripple Labs Have? Firm Talks About SEC Ruling in Q2 Report

Ripple CEO Brad Garlinghouse mentioned the contents of the corporate’s quarterly monetary experiences might take a special flip from the standard after the US Securities and Trade Fee (SEC) used the agency’s disclosures towards it within the lawsuit.

In the meantime, XRP holders lawyer John Deaton believes Ripple’s transparency saved the agency from going through fraud and manipulation allegations.

Ripple Will increase XRP Holdings in Q2 2023

Garlinghouse said that the corporate voluntarily began releasing the quarterly experiences on its XRP holdings as an indication of transparency however mentioned the experiences had been used towards it within the lawsuit whereas hinting that there might be adjustments of their format sooner or later.

We started these experiences to voluntarily present updates given our XRP holdings. Sadly, they had been used towards us within the SEC lawsuit – nonetheless, we stay steadfast in our dedication to transparency however I think they’re going to look a bit totally different transferring ahead https://t.co/oANR6WCG09

— Brad Garlinghouse (@bgarlinghouse) August 2, 2023

Ripple launched its quarterly XRP markets report for Q2 2023 on July 31, which was totally different and targeted on the landmark court docket ruling and misconceptions and likewise included the corporate’s XRP holdings.

As beforehand reported by CryptoPotato, the court docket dominated in favor of Ripple, with Choose Analise Torres declaring that XRP just isn’t a safety, in a case involving the SEC and Ripple Labs that dragged on for almost three years.

The report additionally moved to debunk a number of the misconceptions following the court docket’s choice. Ripple clarified that the ruling was not solely a victory for the agency however for the broader crypto business. The corporate additionally debunked a false impression stating that XRP is partially a safety token, asserting that based mostly on the choose’s ruling, the asset “just isn’t in and of itself” a safety.

Moreover, the agency addressed the misunderstanding that believed the ruling protected institutional patrons and never retail merchants. In response to Ripple, the choice targeted on the attain of the SEC, whereas including that the regulator’s claims to guard buyers did the alternative.

As said within the report, the SEC lawsuit in 2020 brought about panic promoting amongst buyers, which led to a lack of $15 billion in market capitalization on the expense of US holders.

In the meantime, Ripple’s XRP holdings on the finish of Q2 2023, which ended on June 30, stand at 5,551,119,094, a rise from 5,506,585918 recorded on March 31. Additionally, the overall XRP on ledger escrow was diminished from 42,800,000,013 on the finish of Q1 2023 to 41,900,000,005 in Q2 2023.

Deaton on Ripple’s Transparency

Whereas Ripple might change the format of its experiences transferring ahead, XRP holders’ lawyer John Deaton believes the corporate’s transparency saved it from going through fraud and manipulation expenses.

It’s completely true that the SEC used the transparency of those experiences towards Ripple and its two executives. As a personal firm, Ripple was beneath no obligation to share this data. Different corporations not solely didn’t share token gross sales, however deliberately disguised these… https://t.co/mbAO6feEfW

— John E Deaton (@JohnEDeaton1) August 2, 2023

Deaton said that Ripple printed its quarterly experiences even when it was not obliged to as a personal firm, whereas different companies hid token gross sales and intentionally disguised the transactions.

In response to the lawyer, the SEC would have included fraud, misrepresentation, or manipulation expenses in its lawsuit if the company noticed the chance, including, “While you’re clear, they will’t declare fraud – even once they need to.”