In a March 17 court letter, the Securities and Exchange Commission cited three reasons why itasks for the personal financial data of the founders of Ripple.
First, according to the SEC, "This is the only way to de-anonymize their XRP transactions and figure out how much they made from selling XRP to the public."
Secondly, “the financial statements will show whether the respondents used personal funds to increase the price of XRP” (ie for the XRP pump).
The letter states:
In addition, the financial information will show how much the defendants – who claim to have done nothing illegal – have enriched themselves by selling XRP compared to other gains.They had a very strong motivation to ignore the requirements of the law in order to maximize personal profits.
We remind you that earlier the attorneys for Garlinghouse andLarsen addressed the judge with a motion to block the regulator's requests, emphasizing their readiness to provide all documents on transactions to Ripple Labs, but not private information.
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Based on materialswww.theblockcrypto.com
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