Ripple CEO Brad Garlinghouse has announced that the enterprise blockchain company will no longer release its XRP markets reports on a quarterly basis.
From now on, Ripple's XRP holdings will still be published on the company's official website.
The community will now be able to receive updates about the company and XRP via a series of social media and blog posts. They will no longer be bundled within a single report, which will potentially reduce the legal weight of such disclosures.
Ripple originally started publishing the reports back in 2017 in order to ensure greater transparency.
Garlinghouse claims that the transparency that was provided by the report was "weaponized" by the U.S. Securities and Exchange Commission (SEC). It is worth noting that the regulator, which sued Ripple back in 2020, referenced some of the company's disclosures in order to make its case that XRP is not sufficiently decentralized.
"As some may remember, the objective of publishing these reports starting in 2017 was transparency into Ripple’s holdings of XRP, which unfortunately was then used against us by the SEC and others," he said.
As reported by U.Today, Ripple's latest report, the last one released in the traditional format, revealed that the company holds nearly 45.86 billion tokens. This sum includes both Ripple's XRP holdings and the tokens that are currently locked in escrow. The tokens controlled by the company are worth close to $99 billion at current prices.
Despite ditching the traditional format, Ripple is still "committed to transparency."
Vladislav Sopov