Ripple stated that the total amount of XRP increased by approximately 45 million in the second quarter.
Ripple decided to remove the details of XRP transactions from its quarterly reports due to a lawsuit filed against the company by the U.S. Securities and Exchange Commission (SEC).
In the report dated July 31, Ripple indicated that the measures taken by the SEC compelled the firm to reconsider both the substance and purpose of its future quarterly reports. However, the organization reassured stakeholders that its dedication to maintaining openness and transparency will remain steadfast.
Ripple’s CEO, Brad Garlinghouse, reiterated this comment in a separate tweet, saying:
“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.”
Crypto lawyer John Deaton pointed out that Ripple, as a private company, wasn’t obliged to share the information it has been sharing since 2017.
However, he also added that Ripple’s transparency prevented the SEC from making any accusations of fraud, manipulation, and misleading statements about the company.
Implications from the Second Quarter
The latest XRP report highlights a court ruling in the lawsuit between the SEC and Ripple. In this ruling, the court had decided that the XRP digital asset was not a security.
In line with this, Ripple only stated that the XRP token and Bitcoin (BTC) are the only assets with legal clarity in the United States.
“On July 13 the Court unequivocally ruled that XRP, in and of itself, is not a security. XRP, along with BTC, are now the only two digital assets in the United States with that clarity.”
In addition, the crypto payment company questioned SEC Chairman Gary Gensler‘s frequent claim that all cryptocurrencies except BTC are securities.
The company wrote that the court ruling eliminates the possibility of the SEC using any “intimidation and misinformation strategy” on this matter.
Ripple also announced that the total amount of XRP increased by approximately 45 million during the quarter, rising from 5.5 billion to 5.55 billion. At the same time, the total amount of XRP in Ledger Escrow fell by more than 900 million, decreasing from 42.8 billion to 41.9 billion.
