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SEC wants to find out how important XRP is to Ripple

TL;DR

TL;DR Breakdown

  • Ripple Co-founder, Christian Larsen, accused of moving XRP.
  • The SEC reveals it has proof to support its claim.
  • The regulator says it wants to know whether Ripple executives are making personal gains from XRP.

SEC says it has evidence against Ripple executive

In a seemingly escalating suit between the SEC and Ripple Lab Inc., the regulator has decided to come hard on the payments platform. The regulator revealed that it has proof that Christian Larsen is moving XRP amidst the legal battle. He was charged alongside Ripple CEO last year with the sales of an unregistered security.

The lawsuit has swerved back and forth for long and it is now becoming more difficult to predict how soon it will end. Recently, the SEC demanded the financial records of the two Ripple executives from eight banks. In a retaliating motion, the defendants’ lawyer also requested that the regulator provide records of Bitcoin and Ethereum since they are similar to XRP.

SEC insists on accessing Ripple’s records

However, the regulator has said it could prove that Christian Larsen is moving some XRP despite the ongoing litigation. The SEC says it wants to know whether the Ripple executives are using XRP as their main source of income.

A couple of days ago, about 6000 XRP holders volunteered to join in the fight against the regulator. Although the motion was denied by the judge, they have been sent letters revealing there is evidence that Chris is moving XRP despite his involvement in the lawsuit.

As regards the demand to peruse the company’s finances, Ripple had strongly objected to the motion. The regulator argued that Ripple’s defense is ridiculous and that it has a legal obligation to scrutinize any suspicious financial information. However, the cryptocurrency, XRP, has managed to hold its head high regardless of the lawsuit.

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John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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