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The court rejected the request of the US Stock Exchange Commission for access to the financial information of the founders of Ripple

The court rejected a request by the US Securities and Exchange Commission (SEC) for access to the personal financial information of the current and former CEO of Ripple. This is the company’s second victory in the past week.

to the the report Utah Sarah Netburn, SEC Assistant Judge for Ripple Labs, believes that the regulator’s request to disclose the personal financial records of the company’s executives has nothing to do with the current XRP case.

The US Securities and Exchange Commission had previously requested access to the personal banking records of Brad Garlinghouse, CEO of Ripple, and Christopher Larsen, CEO of Ripple.

A Blockchain researcher and a member of the Ripple community shared the court ruling on social media; Which explicitly mentions this issue.

The court rejected the request of the US Stock Exchange Commission for access to the financial information of the founders of Ripple
A picture of the SEC lawsuit against Ripple has been posted on Twitter

The document issued by this court states:

The cases that the SEC has raised for summoning third parties are very broad (and cover many topics). Making these requests can lead to the disclosure of large amounts of private financial information; While this information has nothing to do with whether the accused individuals offered or sold XRP in the public market, or sold it to potential investors.

In connection with the documents requested by the SEC to validate the records provided by the defendants, the court found no evidence that such a request was admissible.

The US Securities and Exchange Commission has filed a lawsuit against Ripple Labs and its two senior executives, accusing them of selling since the company was founded in 2012 and 2013 as OpenCoin. Unregistered XRP securities have institutionalized investors.

Ripple and its executives have since made more than $ 1 billion in XRP sales.

Ripple’s first legal victory

It was previously reported that the court had accepted Ripple’s request to require the SEC to provide documents related to Bitcoin and Ethereum. Based on this request, the SEC must provide Ripple with the documents on the basis of which it has identified Bitcoin and Ethereum as non-securities assets.

Ripple filed the petition on April 6.


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