SEC demands banks share Ripple execs’ personal finance records
Ripple Labs’ Brad Garlinghouse and Chris Larsen have hit back after the SEC demanded banks release eight years of personal information relating to the pair.
The SEC has reportedly subpoenaed six banks requesting information about their personal finances — including how much they spent on groceries.
The request is part of its investigation into Ripple’s XRP token, which it says is an unregistered security.
However, according to Bloomberg, lawyers acting for Garlinghouse and Larsen are seeking to block the requests because the SEC “has not offered and cannot provide a coherent explanation for why it is entitled to this information.”
They also say because the case involves no fraud charges, the request amounts to “wholly inappropriate overreach.”
News of the SEC’s demands comes just days after Ripple officially called time on its ‘strategic partnership’ with MoneyGram.
[Read more: Ripple and MoneyGram finally kill convoluted $110M deal]
Ripple previously claimed the partnership was very much alive, despite MoneyGram announcing that it would stop using the company’s platform.
MoneyGram cited Ripple’s legal issues with the SEC in its decision.