März 20

Serious accusation against chief executives

Ripple vs. SEC: Serious accusation against chief executives

In the dispute between Ripple and the SEC, the latter has determined that Chris Larsen moved a large amount of XRP while the case was still pending. The authority is relying on forced information from the banks.

Things seem to be getting pretty tight for Ripple right now. The US Securities and Exchange Commission (SEC) has determined that Ripple’s co-founder Chris Larsen moved large stocks of XRP despite Bitcoin Era ongoing investigations. This is according to a letter Judge Sarah Netburn received from the SEC’s lead trial attorney, Jorge G. Tenreiro. Tenreiro claims that the financial position of the defendants is crucial to the case.

In its high-profile lawsuit against Ripple, the SEC alleges that Garlinghouse and Larsen raised US$159 million and US$450 million, respectively, in proceeds from their XRP sales. Since Ripple transactions take place under pseudonyms, the agency suspects that the number of unreported cases is even higher.

Banks of Ripple founders are to provide information

Only a few days ago, the news agency Bloomberg reported on a new line of investigation by the SEC. The authority has sent subpoenas to some of the banks of the executives Garlinghouse and Larsen. It wants to find out how important the XRP sales were for the income of the Ripple executive suite.

Larsen and Garlinghouse called the subpoenas a „completely unreasonable exaggeration“. The SEC, on the other hand, argues that the bank records of the individual defendants are the only reliable way to de-anonymise XRP movements. If the court were to follow the SEC’s evidence, it would of course not look good at all for the outcome of the litigation.

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Veröffentlicht20. März 2021 von admin in Kategorie "Crypto