SEC’s Ripple lawsuit is getting murkier with every passing day! Now, the U.S. Securities regulator is now seeking the personal information of two Ripple executives. The SEC has sent the subpoenas to six banks seeking eight years’ worth of transaction information of the Ripple executives. The lawsuit filed in late December 2020 claims that Ripple co-founders misled investors during its XRP ICO sale of 2013.
On Thursday, March 11, the two executives named – Ripple co-founder Christian Larsen and Chief Executive Officer Bradley Garlinghouse – have asked the federal court to block subpoenas. The executives noted that the recent SEC request is a “wholly inappropriate overreach”.
The executives further added that there are no such allegations that their finances were intermingled with Ripple. They also note that the securities regulator has no right to demand everything from the proceeds of the unrelated transactions to “how much money they spend at the grocery store every week.”