Brad Garlinghouse, financial records, Ripple, ripple discovery, ripple lawsuit, ripple v sec, ripple wins sec, SEC, sec discovery, sec v ripple, xrp lawsuit

In the SEC v. Ripple case, the court has denied the request by the U.S. Securities and Exchange Commission (SEC) for personal financial records of Ripple’s executives that are not connected to XRP. The court says that it “is not convinced†that personal banking records would show the violations as claimed by the SEC.

Another Win for XRP in SEC v Ripple Case

In the lawsuit brought by the U.S. SEC against Ripple Labs, CEO Brad Garlinghouse, and co-founder Christian Larsen over the sale of XRP tokens, the court has denied the SEC’s request to obtain personal financial records of the defendants that are unrelated to XRP. The order was signed by Magistrate Judge Sarah Netburn on Friday.

“The SEC has served the individual defendants with Requests for Production seeking their personal financial records over an eight-year period,†the order explains. It adds that the commission has “also issued third-party subpoenas to several financial institutions at which the individual defendants maintain accounts, seeking similar records.â€

The order notes: “Garlinghouse and Larsen move for a protective order to avoid their discovery obligation and to quash the subpoenas served upon SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank, and Citibank, N.A. The motion is granted.â€

Referencing Section 5 of the Securities Act, which details that all issuers must register non-exempt securities with the SEC, the order states:

The judge additionally has found that “the SEC has not presented any evidence that individual defendants have hidden transactions or that the documents produce support any inference of hidden transactions.â€

Furthermore, the judge explained that the motion for a protective order by Garlinghouse and Larsen is granted because “the court finds that the SEC’s requests for the individual defendants’ personal financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.†The judge further ruled:

“If, as discovery progresses, the SEC uncovers evidence that the individual defendants have not been forthcoming with records of their XRP transactions, it may provide such evidence to the court and renew its application,†the order concludes. The full court filing can be found here.

Ripple recently won discovery from the SEC and the commission has been ordered to produce internal records on bitcoin, ether, and XRP. Meanwhile, a petition has been started asking SEC’s new chairman to drop the Ripple lawsuit and end the war on XRP.

What do you think about the judge ruling in favor of Ripple against the SEC over personal financial records unrelated to XRP? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

US SEC Has Brought 75 Enforcement Actions on Crypto Industry

The U.S. Securities and Exchange Commission (SEC) has brought 75 enforcement actions against companies and individuals in the crypto industry so far, according to a new report by Cornerstone Research. The agency also brought 19 trading suspension orders against digital asset market participants, and 43 were litigated in U.S. district courts. 75 Crypto Enforcement Actions […]

Xem chi tiết: US SEC Has Brought 75 Enforcement Actions on Crypto Industry

SEC to Scrutinize Funds Invested in Bitcoin Futures

The U.S. securities watchdog has announced it will scrutinize mutual funds that include investments in bitcoin futures markets to verify funds that comply with the Investment Company Act. The institution warned about the dangers of investing in bitcoin futures markets due to the implicit volatility of the underlying asset. SEC Warns Funds About Bitcoin Futures […]

Xem chi tiết: SEC to Scrutinize Funds Invested in Bitcoin Futures

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also […]

Xem chi tiết: Elon Musk Hints at Tesla Accepting Dogecoin for Payments

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value†and stresses the need to put in place some investor protections for this asset class. New SEC Chairman Talks […]

Xem chi tiết: New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Public documents show the wealth manager Vaneck has applied for an ethereum based exchange-traded fund (ETF). Vaneck Digital Assets’ Form S-1 filing with the Securities and Exchange Commission (SEC) was filed on May 7, while the company’s bitcoin-based ETF is still under review. While Waiting for Approval for Its Bitcoin ETF, Vaneck Files With the […]

Xem chi tiết: Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value†and stresses the need to put in place some investor protections for this asset class. New SEC Chairman Talks […]

Xem chi tiết: New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Public documents show the wealth manager Vaneck has applied for an ethereum based exchange-traded fund (ETF). Vaneck Digital Assets’ Form S-1 filing with the Securities and Exchange Commission (SEC) was filed on May 7, while the company’s bitcoin-based ETF is still under review. While Waiting for Approval for Its Bitcoin ETF, Vaneck Files With the […]

Xem chi tiết: Wealth Manager Vaneck Files Application for an Ethereum ETF, Aims for Cboe BZX Listing

Latam Based Exchange Bitso Gets Unicorn Status After $250 Million Funding Round

Bitso, one of the biggest cryptocurrency exchanges in Latam, has reached unicorn status after a funding round that managed to raise $250 million with the participation of some big names in the cryptocurrency world. The company announced it would use these resources to expand its operations and keep growing in its core markets, including remittances. […]

Xem chi tiết: Latam Based Exchange Bitso Gets Unicorn Status After $250 Million Funding Round

Ghana Regulator Labels Crypto Transactions Illegal— Urges People to ‘Stay Away From Them’

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption

SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

Ripple’s Chris Larsen Believes Bitcoin Dominance Could Fall Over Proof-of-Work’s Energy Consumption

SEC Commissioner on Banning Bitcoin: ‘It’s Very Difficult to Ban Peer-to-Peer Technology’

SEC Accuses Ripple of Harassment, Asks Judge to Block Access to Some Discovery Records

SEC Accuses Ripple of Harassment, Asks Judge to Block Access to Some Discovery Records

US House Passes Bill Mandating SEC and CFTC to Establish Working Group Focused on Digital Assets