In a recent Q2 performance report, American blockchain payments firm Ripple Labs Inc unveiled the total number of XRP coins it holds. The company’s XRP ownership falls under two categories: the XRP held in escrow and the XRP held directly by the firm.

Ripple has been publishing quarterly reports since early 2017 as part of its commitment to transparency. These reports provide updates on various topics, including the state of crypto markets, quarterly XRP sales, and news related to the decentralized XRP Ledger and the broader XRP community.

The focus of this report is the significant court ruling on July 13, 2023, in the case of Securities & Exchange Commission v. Ripple Labs Inc. The court’s decision unequivocally determined that XRP is not a security. This ruling is a crucial victory for Ripple and the entire crypto industry, as it establishes a precedent for other market participants.

Addressing the misconceptions that have arisen after the court’s decision, Ripple aims to set the record straight. One common misconception is that the decision is a split one. However, Ripple clarifies that the ruling clearly affirms XRP’s non-security status and provides much-needed clarity for the industry.

Another misconception involves the belief that XRP can be classified as a security in some situations and not in others. Ripple clarifies that XRP itself is never a security. While XRP can be sold as an investment contract when bundled with promises, the token remains non-security in its standalone form.

The report also dispels the notion that the court’s ruling only protects sophisticated institutions and not retail buyers. Ripple emphasizes that the court’s ruling is about defining the SEC’s jurisdiction and where investment contracts exist, not a blanket protection for institutions.

Moreover, the report addresses the SEC’s enforcement approach, stating that the agency’s regulation-by-enforcement campaign has often negatively impacted retail consumers. Ripple advocates for thoughtful legislation to protect retail crypto traders, rather than relying solely on regulatory enforcement.

In light of the report’s publication, Ripple is re-evaluating the future role and contents of its quarterly reports, considering the SEC’s past use of such reports against the company.

Additionally, the report provides insight into Ripple’s XRP holdings as of March 31, 2023, and June 30, 2023. The company’s XRP holdings are divided into two categories: the XRP currently available in its wallets and the XRP locked in escrow, with scheduled monthly releases over the next 42 months. It is essential to note that Ripple does not have access to the escrowed XRP until the scheduled releases, with the majority of the released XRP returning to escrow.

Overall, the Q2 performance report showcases Ripple’s dedication to transparency and clarifies the implications of the landmark court ruling. The company’s commitment to promoting transparency within the crypto industry remains steadfast, despite the challenges it has faced from the SEC’s regulatory actions.

Source: https://azcoinnews.com/ripple-labs-inc-releases-q2-performance-report-unveils-xrp-holdings.html