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SEC Pushing for Ripple Execs Records

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March 22, 2021

In a letter to the court dated March 17, the SEC discussed its reasons for subpoenaing the financial records of Ripple CEO Brad Garlinghouse and co-founder/board executive chairman Chris Larsen. The agency called the records, “the only reliable way to de-anonymize their movements of XRP and determine exactly how much they raised from their XRP sales to the public.” It also asserts that the records will show whether the two personally funded efforts to increase the value of XRP (cryptocurrency), and will reveal the personal financial motivation they had “to look the other way when confronted with the legal consequences of their conduct.” Lawyers for Garlinghouse and Larsen earlier asked the court to quash the subpoenas, calling the effort “to troll through the Individual Defendant’s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, a wholly inappropriate overreach.”

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