SEC Loses Bid For Ripple Labs Execs' Personal Financial Info

Law360 (April 12, 2021, 4:27 PM EDT) -- The U.S. Securities and Exchange Commission will not be able to access eight years of personal financial information for the two top executives of Ripple Labs, marking the regulator's second major discovery defeat in the closely watched cryptocurrency fight.

U.S. Magistrate Judge Sarah Netburn said Friday that Ripple CEO Brad Garlinghouse and chairman Christian Larsen have already agreed to produce trading records related to their personal sales of Ripple's signature digital asset, XRP, and that the SEC has yet to justify its broader request for their banking records.

"The SEC's belief that the individual defendants' banking records might show evidence of...

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