“How much they spend at the grocery store” isn't relevant to the SEC's ongoing XRP securities lawsuit, argues the legal team for Bradley Garlinghouse and Christian Larsen.
Ripple executives Bradley Garlinghouse and Christian Larsen have rejected demands by the United States Securities and Exchange Commission to provide personal financial information as part of the ongoing investigation into a possible XRP sales securities violation.
On March 11, lawyers for the Ripple Labs co-founders requested a protective order regarding their personal information and called for the court to quash subpoenas issued to six of the defendants’ banks.
The banking institutions named specifically were SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank.
Lawyers for Garlinghouse and Larsen argued that the SEC had overreached the proper breadth of its investigations when it asserted that the defendants had intermingled their personal finances with those of Ripple Labs.