U.S. Judge Denies SEC Request To See Ripple Monetary Records.
2021-04-13 | Big Bob
A United States judge has granted a motion to dismiss the SEC [Securities and Exchange Commission] request
to see into years’ worth
of monetary records belonging to Ripple [XRP] executives.
A court
document from Judge Sarah Netburn, filed earlier on Friday, reveals that the SEC’s request for 8 years
of monetary data belonging to Ripple’s Brad Garlinghouse and Chris Larsen has been denied.
CEO Garlinghouse as well as Executive Chairman Larsen asked the courts to quash the request by the securities regulator last month labeling the request as a “wholly inappropriate overreach.”
The development means Ripple has scored a second victory in its fight against the regulator after having won
the proper last week
to seem into the SEC’s internal communications over how it classifies crypto as a security.
Netburn added that the SEC’s request
for private financial records, outside
of these belonging to transactions
concerning Ripple [
XRP, +16.93%], that were already promised by the executives, was irrelevant & disproportional to the “needs of the case.”
“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking
an equivalent,” explained Netburn.
Moreover, should discovery
reach some extent where the SEC uncovers evidence demonstrating Garlinghouse, as well as Larsen, lied about their XRP transaction records, Netburn added that the regulator may renew its application.
Earlier in December, the SEC sued Ripple, Garlinghouse, and Larsen alleging
the corporate and its executives had sold Ripple to retail investors in direct violation of United States federal securities laws.
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