According to a letter filed by the SEC to Judge Sarah Netburn on the 17th (local time), SEC attorney George G. Teneiro said: Teneiro argued that the accused’s financial situation was very important to the case.
When the SEC obtains the bank records of Larson and Brad Garlinghouse, head of Ripple Labs, it will be able to check all Ripple transactions and revenues worldwide, anonymously anonymous. Without banking records, the SEC would have to rely on each defendant’s statement. “Since the last data provided (by Larson and Garlinghaus), the SEC has had to manually track the defendant’s transactions, so there is no guarantee that the SEC will be able to fully understand all of Ripple’s transactions,” YouTube said.
In a lawsuit filed against Ripple Labs, the SEC claimed that Garlinghouse and Larson gained $159 million (17.8 billion won) and $450 million (506 billion won), respectively, through the sale of Ripple. Ripple transactions are anonymous, so the benefits of the two could be even more.
Earlier this month, the SEC filed a subpoena to the bank used by some of the Ripple Labs executives it had identified so far. Leeson and Garlinghouse asked the court to dismiss the summons, claiming that the case was irrelevant to the bank records.
Teneiro said in a letter that the SEC had little interest in the financial position other than how much impact the sale of Ripple had on defendants’ earnings. The SEC also agreed to request only comments on documents that could show the financial position at the time each defendant received and sold Ripple. This is not revealed in each accused’s correspondence.