In a new letter to the judge, the US Securities and Exchange Commission (SEC) explained why it wanted to see the financial records of Ripple founders. The SEC claimed that Chris Larsen “has evidence of using XRP” despite the lawsuit filed.
The SEC wants to gain access to the company’s founders’ bank accounts, despite Ripple’s objection. In the letter sent to Judge Sarah Netburn on March 17, it was conveyed that thanks to these records, it can be seen how much money Ripple founders made by selling XRP.
The letter was sent after Ripple stated that it “found the request inappropriate”.
May continue to use XRP
According to the SEC’s claim, Ripple founder Brad Garlinghouse earned $ 159 million in revenue in 2017 with the XRPs he started selling in 2015. It is believed that Garlinghouse has made a total of 115 different transactions and transferred at least 636 million XRP since this date.
It is stated that Larsen started sales operations in 2013 and used 7.1 billion XRP in total. It has been announced that the name, which is thought to have sold at least 1.7 billion XRP since 2015, has earned 450 million dollars in revenue. The new claim raised by the SEC is that Larsen continued to use XRP after the lawsuit was filed.
It is reported that these transactions are carried out anonymously on the blockchain.
Bank records can show how much you earned
The SEC says bank records can eliminate this anonymity. In the letter presented to the judge, it was emphasized that the balance in their bank accounts at the time of the said XRP transfers will be taken into account, not the “personal expenses” of the couple. For this, information on transactions below $ 1,000 will not be accessible.
Stating that XRP is not a legal payment instrument and is not globally accepted, SEC representatives suggest that how much money Garlinghouse and Larsen earned by selling XRP can be seen in bank records.