Ripple Labs spoke about the SEC decision in its Q2 report. While the company’s quarterly reports point in a new direction, decisions were made to preserve transparency. So, how much XRP does Ripple have?
Ripple Labs Q2 report
Brad Garlinghouse, CEO of Ripple Labs, said that the content of the company’s quarterly financial reports may take a different turn from normal after the US Securities and Exchange Commission (SEC) used the company’s disclosures against him in the lawsuit.
On the other hand, John Deaton, attorney for XRP holders, believes that Ripple’s transparency has saved the firm from facing allegations of fraud and manipulation. Deaton noted that Ripple, as a private company, publishes its quarterly reports even when not required, while other firms deliberately hide transactions by hiding their token sales.
We began these reports to voluntarily provide updates given our XRP holdings. Sadly, they were used against us in the SEC lawsuit – however, we remain steadfast in our commitment to transparency but I suspect they’re going to look a bit different moving forward https://t.co/oANR6WCG09
— Brad Garlinghouse (@bgarlinghouse) August 2, 2023
According to the attorney, the SEC would have included charges of fraud, misrepresentation or manipulation in its case if the agency had seen the possibility, adding: “When you’re transparent, they can’t claim fraud even if they wanted to.”
Garlinghouse, on the other hand, hinted that the company started to publish quarterly reports on XRP assets voluntarily as a sign of transparency, but the reports were used against him in the lawsuit, implying that their format may change in the future.
How much XRP did Ripple sell?
Ripple released its quarterly XRP markets report for Q2 2023 on July 31.
The company’s XRP assets at the end of the second quarter of 2023, which ended on June 30, amounted to 5,551,119,094, an increase from 5,506.585918 recorded on March 31. Also, the total XRP in ledger escrow has dropped from 42,800,000,013 at the end of the first quarter of 2023 to 41,900,000,005 in the second quarter of 2023.
