Since the litigation between the SEC and Ripple started in December last year, the company has been in a tough spot. Yesterday, the payments platform was able to reach a settlement with YouTube over XRP scams. Right now, the SEC seeks the personal financial information of the crypto executives named in the lawsuit.
SEC Now Seeks the Financial Information of Ripple Executives
The case between the two parties doesn’t appear to be drawing towards a resolution yet. The SEC is now after the personal financial records of Ripple executives. About six banks were issued subpoenas to release eight years’ worth of information connected to the executives.
However, yesterday, the Ripple CEO Brad Garlinghouse and co-founder Chris Larsen asked a federal judge to block the subpoenas. They claimed that the SEC’s request was an “inappropriate overreach.” The execs said that there is no connection between the alleged fraud and their finances.
The SEC seems to be lost in the whole process of the litigation as they also asked for unrelated business transactions. Although both the CEO and co-founder agreed to release records related to XRP transactions, yet, the SEC said that won’t be enough.
Would The SEC win its Case Against Ripple?
Even though the lawsuit was thought to be drawing close to an end. The SEC has dragged the case back and forth without any evident progress. Now it appears that the action against Ripple and its executives is misguided.
The alleged executives said that the SEC has not provided a reasonable explanation for demanding their financial records. The purpose of the whole drama by the regulatory body is in a bid to sue Ripple for selling unregistered security offerings. At this moment, there is no telling what might happen next.
However, since the lawsuit was filed last year, XRP has shown outstanding performance. Although the token plunged during the first few months, the market cap has almost doubled since the beginning of the year. Right now, XRP has traded is trading at $0.4425.