The SEC wants to find out if Ripple executives are generating revenue from XRP sales.
The U.S. Securities and Exchange Commission wants to know whether the proceeds from XRP sales are a major source of income for Ripple Labs CEO Brad Garlinghouse and co-founder Chris Larsen.
SEC’s senior trial attorney Jorge G. Tenreiro wrote in a letter to Judge Sarah Netburn that the agency found evidence that Larsen “continues to move” its XRP, despite legal scrutiny.
Tenreiro claims that the financial situation of the defendants is critical to the case.
By obtaining bank records of Larsen and CEO Brad Garlingohuse, it will be possible to anonymize XRP transactions and determine the “whole universe” of their sales.
In its landmark lawsuit against Ripple, the SEC claims that Garlinghouse and Larsen earned $ 159 million and $ 450 million, respectively, from their XRP sales.
SEC not interested in Ripple executives’ grocery shopping
Earlier this month, the SEC submitted to court the bank records of some of the executives it has managed to detect so far.
Larsen and Garlinghouse then asked the judge to revoke these documents, stating that the administrators’ grocery shopping had nothing to do with the case.
The SEC agreed to narrow the Claims with sufficient documentation to show the financial standing of Individual Defendants at the time they bought and sold XRP.