In the report, Ripple focuses on the court’s favorable decision over SEC’s charges. The two-year long case was concluded on July 13, 2023 as the Court ruled that XRP, in and of itself, is not a security.
“This case has always been about getting clarity about the regulatory status of XRP in the U.S. Ripple has stated since day one that XRP is not a security and the Court vindicated that position,” Ripple said.
The report further clarifies misconceptions about the ruling including if the Court’s decision is a split decision and if XRP becomes a security under some circumstances. It says, “XRP does not transfer itself a security when it’s coupled with promises and sold as an investment contract.”
While talking about SEC’s investigation on the company, the Ripple team says that there were no allegations of fraud in Ripple’s case when it’s fraud in other cases, there is ‘shortage of law enforcement agencies’ to exercise lawful jurisdiction against it.
Ripple discloses its XRP holdings stating that it falls into two categories, first is the total XRP currently available in wallets, second is on escrow lockups that will be released monthly for next 42 months.
At the end of March 2023, the total amount of XRP held by Ripple was 5,506,585,918 and nearly 42B XRP on ledger escrow. As of June 2023, the company has 5,551,119,094 XRP with 41.9B in escrow.
In December 2020, the SEC charged Ripple with allegations that it raised over $1.3B by selling XRP as an unregistered security. However, after a 2 years of legal conflict, The US Southern District Court of New York made a judgment favoring Ripple saying XRP is not considered a security.
