Ripple case update: Ripple CEOs demand that their financial information not be disclosed to the SEC
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Ripple case update: Ripple CEOs demand that their financial information not be disclosed to the SEC
Every now and then, new details and merits emerge in the US Securities and Exchange Commission’s case against Ripple.
Recently, according to reports from “Bloomberg” Ripple CEO Brad Garlinghouse and Ripple co-founder Chris Larsen are seeking to prevent the US Securities and Exchange Commission from accessing their personal financial information and resources.
Earlier this week, the SEC sent subpoenas to six banking institutions to review the bank records of prominent executives (Garlinghaus and Larsen).
The required records extend for eight years.
Garlinghouse and Larsen, named as defendants in the SEC’s lawsuit against Ripple, have been charged with conducting unregistered XRP sales.
Read:The founder of Twitter stated: I will leave “Square” and “Twitter” for Bitcoin if the latter needs me more!
In a letter to Judge Annalisa Torres of the US District Court for the Southern District of New York, attorneys for Garlinghouse and Larsen argued that personal financial records, such as their grocery purchases, were not relevant to the case, accusing the agency of overstepping legal boundaries.
The SEC has not provided and cannot provide an explanation as to why it deserves this information.
The Securities and Exchange Commission opposes the rejection of Ripple CEOs:
Garlinghaus and Larsen sent separate letters to the judge indicating their intent to file a motion to dismiss the SEC’s lawsuit.
On March 10, the SEC responded to the defendants, claiming that both had repeatedly warned that XRP had security-like features.
Larsen received such legal briefs in 2012, where the wording of the warning read:
In 2012, two law memos Larsen warned that XRP could be considered collateral if offered and sold under certain conditions.
Our advice is to contact the SEC for further clarification on whether or not XRP is a security.
However, the profitable XRP sales continued despite the high stakes.
Read:Blockchain data analytics firm Chainalysis gets $100 million in a new funding round
In addition, the SEC says that its complaint regarding both Larsen and Garlinghouse that they were involved in personal transactions related to XRP and their personal financial statements will disclose it.
Read also:
Learn about three projects that promise to make the world of DeFi more inclusive
The price of the digital currency SOL is rising by more than 14% for these reasons
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time