{"id":200409,"date":"2021-03-12T12:57:00","date_gmt":"2021-03-12T09:57:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ripple-execs-refute-sec-investigation-of-personal-finances-as-overreach\/"},"modified":"2021-03-12T12:57:00","modified_gmt":"2021-03-12T09:57:00","slug":"ripple-execs-refute-sec-investigation-of-personal-finances-as-overreach","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ripple-execs-refute-sec-investigation-of-personal-finances-as-overreach\/","title":{"rendered":"# Ripple execs refute SEC investigation of personal finances as overreach"},"content":{"rendered":"

“# Ripple execs refute SEC investigation of personal finances as overreach <\/strong>”
\n<\/p>\n

Ripple executives Bradley Garlinghouse and Christian Larsen have rejected demands by the United States Securities and Exchange Commission to provide personal financial information as part of the ongoing investigation into a possible XRP sales securities violation.<\/p>\n

On March 11, lawyers for the Ripple Labs co-founders requested a protective order regarding their personal information and called for the court to quash subpoenas issued to six of the defendants\u2019 banks.<\/p>\n

The banking institutions named specifically were SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank.<\/p>\n

Lawyers for Garlinghouse and Larsen argued that the SEC had overreached the proper breadth of its investigations when it asserted that the defendants had intermingled their personal finances with those of Ripple Labs. Thursday\u2019s filing stated:<\/p>\n

\u201cThe SEC\u2019s multi-front attempt to troll through the Individual Defendant\u2019s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, is a wholly inapp<\/a>ropriate overreach.\u201d<\/p><\/blockquote>\n

The \u201cchallenged transactions\u201d in question relate to the unregistered sale of 14.6 billion XRP beginning in 2013 \u2014 a sum worth $1.38 billion at the time of the complaint, now worth $6.5 billion.<\/p>\n

The legal team for Garlinghouse and Larsen make clear their clients\u2019 willingness to cooperate regarding financial records relating to the XRP sales, including trading records, and documentation of compensation that both have received from Ripple.<\/p>\n

\u201cSpecifically, the Individual Defendants have agreed to produce (a) trading records relating to the sales of XRP that the SEC is challenging in this case, and (b) financial records concerning the compensation that they have received from Ripple,\u201d stated the filing.<\/p>\n

Financial records concerning unrelated business activities, and day-today spending accounts, according to the lawyers, are not pertinent to the case at hand. The filing stated:<\/p>\n

\u201cAs drafted, therefore, these requests demand everything from the proceeds of unrelated business activities to how much money they spend at the grocery store every week.\u201d<\/p><\/blockquote>\n

The subpoenas issued by the SEC call for years of transaction data and monthly statements from Garlinghouse and Larsen\u2019s personal bank accounts, including images of all money orders, checks, and electronic fund transfers.<\/p>\n