Ripple Executives Call Investigation Into Personal Finances an ‘Overreach’

CryptoGlobe
03/15/2021

The legal team for Brad Garlinghouse and Chris Larsen have argued the U.S. Securities & Exchange Commission’s (SEC) investigation into personal finances is irrelevant to the ongoing lawsuit.

According to a request made March 11, the lawyers for Ripple Labs co-founders Garlinghouse and Larsen have asked for a protective order in regards to the two men’s personal finance information.

The legal team rejected demands by the SEC to provide personal financial information as part of the ongoing investigation and asked for the court to abolish subpoenas issued to six of the defendant’s banks.

The filing stated:

The SEC’s multi-front attempt to troll through the Individual Defendant’s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, is a wholly inappropriate overreach.”

The legal team was careful to specify that Garlinghouse and Larsen were willing to provide financial information related to the sale of XRP and other transactions pertinent to the lawsuit put forth by the SEC.

Speaking with CoinTelegraph, Anderson Kill attorney and partner Preston Byrne said investigations into personal finance were commonly granted to government agencies, despite being intrusive. He also said the inquiry could be appropriate for the ongoing investigation.

He continued:

In this instance personal financial records would seem to be material to the investigation. I’m not surprised that Garlinghouse and Larsen are pushing back, but I’d be surprised if they succeed.”

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Blockchain and Virtual Currency Attorney | Anderson Kill
Preston Byrne
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