Those VERI tokens are reserved for large private investors, institutions and sovereigns
The question "reserved is by whom" ? Not by the blockchain which is what matters in a decentralised market.
Somebody filled a wallet with 100 million new tokens on a blockchain. Then they published a plan for creating an 'ecosystem' which would support the value of those coins. Then they started selling parts of their wallet - some to participants in the early investor sale, some to banks, some to sovereigns.
The full 'supply' of that wallet is 100 million tokens and there is no categorical "in circulation" not "in circulation" supply boundary. Tokens continue to be traded and they continue to be supplied from that same 100 Million bag.
Not only that, the "unreported" part of the supply is being valued and priced (albeit at a hefty discount I would imagine) based on what you call the 'circulating' supply so it's only right that it be included in the marketcap.
Reggie Middleton is not an equity issuer. He created a bunch of tokens on a blockchain, published some plans as to how he intended to support their value. But we're not purchasing equity in that new ecosystem. We're purchasing a bunch of worthless tokens and hoping that they play a significant enough role in that new market to gain a viable and sustainable real value. As such RM is simply a 'member of the public' holding a big bag and intending to do something to underwrite its value.
Decentralised marketcap reporting should reflect that fact in order that investors can make appropriate comparisons between one asset and another.
Your wanting to demonize or twist this into a scenario that benifts whatever your adjenda is. There are plenty of cryptos out there with limited ICO issuance with reserves and a time in the future release plan. Some with a constant infinite/inflation model. Your just here to stir up shit!