Judge Sarah Netburn granted a motion to dismiss the SEC request, which would have required Ripple’s Brad Garlinghouse and Chris Larsen to divulge their personal financial records to the court.
Ripple Labs has recorded two small victories in the ongoing U.S. Securities Exchange Commission (SEC) lawsuit.
The Securities and Exchange Commission is asking the court to stop a motion by Ripple executives to deny it access to their personal financial records.
The U.S.’s expanding offensive on digital asset players should be a clear signal that existing regulatory structures apply to the digital asset ecosystem.
Some 6,000 investors in XRP argued they were not being sufficiently represented during the legal proceedings brought against the firm by the U.S. Securities and Exchange Commission.
The U.S. Securities and Exchange Commission wants a federal court to grant it access to the personal finance records of Ripple’s executives.
The lawsuit alleged that YouTube had “feigned ignorance” as XRP scams defrauded millions of dollars on the video sharing platform.
MoneyGram partnered with Ripple in 2019 to use the service as part of its transfer solutions, but has since suspended XRP as remittance currency in February due to Ripple’s legal woes.
In a move that echoes the approach of CEO Brad Garlinghouse, also implicated in the court action, Chris Larsen’s representatives set out four arguments for dismissal in a letter to the court.
Gary Gensler, the Biden administration's nominee to head the U.S. Securities and Exchange Commission, has highlighted "investor protections" as priorities for the digital asset industry.
The action centers on claims that MoneyGram did not confirm the status of XRP as a security, which constitutes a breach of the rules around issuing and selling securities.