The cryptocurrency market has been witnessing quite an event unfolding between the U.S. Securities and Exchange Commission and Ripple. There has been a lot of back and forth between the two parties and as per the latest development, the SEC is seeking the personal financial information of the Ripple executives named in the lawsuit.
Ripple CEO Brad Garlinghouse and co-founder Chris Larsen on Thursday urged a federal judge to block subpoenas sent to six banks seeking eight years’ worth of information, as per reports. The execs called the request a “wholly inappropriate overreach” in a suit that does not involve alleged funds.
According to the CEO and co-founder, the lawsuit does not allege their finances being interconnected with those of Ripple. The execs found the demand of the regulators to see everything from unrelated business transactions to the cash spent at grocery stores absurd rather absurd.
