Ripple released Q3 2022 XRP Markets Report

Company Ripple released the Q3 2022 XRP Markets Report.

Company Ripple recently released the Q3 2022 XRP Markets Report. The tweet noted:

In the latest XRP Markets report, we discuss Ripple’s XRP holdings (now <50% of total supply), the state of global crypto regulation, macroeconomic moves and On-Demand Liquidity continued domination.

The following important points can be highlighted from the report itself:

Across Ripple’s various wallets, the amount of XRP held, for the first time, is below 50Bn or 50% of the total outstanding supply. Critics have pointed to the company’s XRP ownership as an indicator that the XRP Ledger is controlled by Ripple. This is not true. The XRP Ledger (XRPL) uses Federated Byzantine Consensus to validate transactions, add new features and secure the network, which means that each validator node gets one vote regardless of how much XRP they own. Ripple currently operates 4 out of 130+ validator nodes on the XRPL.
On Tuesday, September 13, Ripple and the SEC filed their respective summary judgment motions under seal. Unsealed versions were filed and made public on Saturday, September 17. Ripple’s filings argue that the SEC is acting outside their legislative authority and not looking to apply the law. Instead, they are looking to remake the law in the hopes that it can impermissibly expand their jurisdiction far beyond the authority granted to them by Congress. On October 21, both Ripple and the SEC filed public versions of their opposition to the other’s summary judgment motion.
In addition, after being ordered six times by the Court over 18 months, the SEC finally produced the documents related to drafts of Hinman’s infamous 2018 speech, which included remarks on why he did not consider offers and sales of BTC and ETH to be securities transactions. Since Hinman’s market moving speech, the SEC continues to deliberately create ambiguity, instead of providing clear guidance, and uses that ambiguity to bring enforcement actions to stifle crypto innovation in the United States.
In terms of next steps, in November, the SEC and Ripple will file reply briefs, and, from there, await the Judge’s decision on the motions. Ripple will continue to fight this case so that the industry can get the regulatory clarity it desperately needs to ensure crypto innovation can flourish in the United States.
Ripple announced the second wave of NFT creators through its Creator Fund. By leveraging the XRP Ledger, creators can take advantage of the blockchain’s low-cost, instant settlement functionality, and built-in royalty structures. This cohort of recipients built tokenized use cases specifically in entertainment, media and music. See here for a full list of recipients. Launched a year ago, the Creator Fund is a $250 million program to help creators with the financial, creative, and technical support needed to explore and craft NFTs and other tokenization projects on the XRP Ledger.
While Ripple is supportive of XLS-20, the outcome of enabling XLS-20 is up to the collective XRPL validators. As of 10/17, over 80% of validators voted in favor of the amendment, and the community anticipates the amendment to go live in Q4 2022.