April 17, 2021

Ripple executives refuse to release personal financial information to SEC

Ripple executives refuse to release personal financial information to SEC

US Securities and Exchange Commission continues to demand information on personal financial spending Ripple Labs Inc.

The SEC sent requests to six banks to disclose the movement of funds in the personal accounts of Ripple top managers over the past eight years.

Ripple co-founder Christian Larsen and principalExecutive Director Bradley Garlinghouse considers such a request to be arbitrary, without legal basis. They refuse to provide financial information. According to them, their personal funds are not mixed with Ripple's finances, and should not appear in the court proceedings.

Ripple's attorneys petitioned the judge to block the regulator's requests, stressing their willingness to provide all transaction documents to Ripple Labs.

However, the commission is not satisfied with thesedocuments. She is trying to gain access to private financial information, claiming that Garlinghouse and Larsen used the illegal sale of securities for personal gain.

Ripple's lawyers said:

The Securities and Exchange Commission has not provided and cannot provide a clear explanation as to why it is entitled to receive this information.

Ripple has already planned steps to ensureyour future. The company is preparing to move to Wyoming and has already registered a new legal entity. Develops a private version of XRP Ledger to help central banks issue digital currencies (CBDCs) and renegotiates partnership with MoneyGram.

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