Breakthrough In The SEC-Ripple Case!

There has been a new development in the legal battle that has been going on between the SEC and Ripple since last December.

There was a breakthrough in the SEC-Ripple case. There has been another development that can be considered positive for Ripple today in the litigation process that has been going on for months. The court rejected the SEC's request for bank account records from individual defendants Ripple CEO Brad Garlinghouse and Ripple chairman Chris Larsen. The SEC had recently requested 8-year records of two names from banks. Garlinghouse and Larsen then asked the court to stop their requests for information, claiming that personal confidentiality had been violated inappropriately. With the decision taken today, the Ripple side has won a new victory in this regard. The court stated that it was determined that the SEC's request was not related or proportionate to the requirements of the case. In its letter of March 17, 2021, the SEC listed the reasons for seeking access to these records and said it was the only reliable way to clear the veil in XRP transactions and determine exactly how much money defendants made from XRP sales. In addition, the SEC argued that the financial records to be obtained would show whether the defendants' efforts to increase the value of XRP were personally funded.