SEC Wants 8 Years of Personal Financial Records from Ripple Executives

The US securities market regulator is now seeking personal financial details or two Ripple Ripple Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may Read this Term executives, Chris Larsen and Brad Garlinghouse, in connection with the illegal $1.3 billion sales of XRP tokens.

The two executives filed a motion within the court asking to drop the subpoenas sent to six banks, seeking the financial records of the two for the last eight years.

The Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission (SEC) alleged that the XRP falls under the category of securities, and Ripple failed to register it with the regulator. It named both Larsen and Garlinghouse in the lawsuit filed last December.

According to the lawsuit, both the executives ignored the advice that XRP could be a security and personally profited $600 million from the sales.

However, the request to receive the personal financial details is a 'wholly inappropriate overreach' on the part of the regulator as the lawsuit does not involve alleged fraud, the defense representatives argued.

“The SEC has not offered and cannot provide a coherent explanation for why it is entitled to this information,” the defense lawyers said.

Ready to Handover XRP-Related Transactions

Moreover, they highlighted that Larsen and Garlinghouse already agreed to cooperate with the regulator and handover details of all financial transactions related to the XRP sale.

While the US financial regulator was approaching the banks for financial records, both Ripple executives were pushing the court to dismiss the allegations against them in two separate motions filed by their legal representatives.

Both Larsen and Garlinghouse questioned the merits of the lawsuit and pointed out the lack of evidence tabled by the regulator to blame the executives. Furthermore, they questioned the jurisdictional authority of the SEC, saying that all the known XRP sales were conducted outside the United States.