Ripple Stopped The SEC From Disclosing Financial Records To The Public

Ripple stopped the SEC from disclosing the financial records of its executives Brad Garlinghouse and Chris Larsen to the public and scored another win against the SEC as the court ruled that the company is not required to expose its records so let’s read more in our Ripple news today.

The SEC requested eight years of financial information from both Chris Larsen and Brad Garglinghouse. However, Ripple stopped the SEC after a court ruling. Ripple prevented the US SEC from publishing the financial records of its CEOs to the public while the agency requested eight years’ worth of information. The agency also claimed that the records will support the ongoing lawsuit with ripple which was sued for raising $1.3 billion by selling XRP in unregistered securities offerings.

Ripple denied the claims ever since the lawsuit was launched and fought to prevent the SEC from disclosing more info to the public. Garlinghouse even called the request an “overreach.” A day ago, both executives won as the US Magistrate Judge Sarah Netburn granted Ripple’s motion to keep the financial records private.

Netburn reasoned that with the financial records going public, we can’t see how the pair made money but we can only see deposits from crypto exchanges on a certain date. The deposits could come from XRP sales but they could also come for other crypto sales:

 “The SEC’s belief that the Individual Defendants’ banking records might show evidence of a speculative transaction that could have occurred (and that the Individual Defendants are not providing in their XRP transaction records) is not a foundation on which to order expansive discovery into personal financial accounts.”

Jeremy Hogan who is a lawyer said on Twitter that the Ripple CEOs can take this as a good sign:

 “The Judge AGAIN makes remarks that the technical/operational aspects of XRP are important to the case. Ripple WANTS it to be about that.
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The SEC wants to stay clear of that-they want it to be only about marketing and money; but this Judge is saying otherwise!”

A week ago, Ripple agreed with the SEC to redact two emails that the agency sought to form the CEOs. However, it did win a discovery motion that required the SEC to hand over documents for reasoning on crypto assets.