"It's true that we have to always be honest if we don't want to be accused of all kinds of things."
Ripple (XRP) Chief Executive Officer (CEO) Brad Garlinghouse has revealed that his second quarter financial report could be different than usual when the Securities and Exchange Commission (SEC) uses his report in a lawsuit.
As a sign of transparency, XRP has voluntarily released its second quarterly report to reveal the amount of XRP held by its company but it should be noted that the report may change in another format in the future.
It's widely known that the court ruling in XRP's favor when Judge Analisa Torres declared the digital asset not a security was a huge victory for the entire cryptocurrency market.
Through XRP's second quarter report, the SEC's lawsuit in 2020 has caused investors to rush to sell the digital asset leading to a loss of $15 billion in market capitalization at the expense of United States (US) holders.
So here it can be seen that the XRP holding at the end of the second quarter of 2023 ending on June 30, 2023 was over five million while the amount of XRP on the escrow ledger* was reduced from 400 thousand to 41 thousand in the second quarter report.
*Records are kept for accounting purposes to show actual receipts and disbursements each day and to determine the funds available in a particular file at any given time
There is no denying that XRP could change its reporting format, but Deaton firmly believes that the company's transparency can save it from facing accusations of fraud and manipulation.
Deaton also stated that XRP published its second quarter report even though they were not required to be private companies, but other firms hid token sales and intentionally disguised the transaction.
As of this writing, XRP price has plunged by 2.41% to $0.68 in the last 24 hours with a market cap of $36 billion and has recorded a decline of around 3.91% over the last week.
