Judge Decided Ripple CEO's Financial Records Won't go Public

by in Cryptocurrency News

SEC vs Ripple financial records

On Friday, the court disallowed the SEC's request to publish financial statements of Ripple's execs stating it is not assured that the data would indicate wrongdoings.

Related: XRP Price Hits $1, The Token Ranks 4th By Market Cap

In March the US SEC submitted the petition for eight years of financial history from CEO Brad Garlinghouse and co-founder Chris Larsen. Ripple officials aimed to prevent it and applied a motion.

Magistrate Judge at United States District Court for the Southern District of New York Sarah Netburn announced the order, where she states there isn't any proof that respondents have covered up activities. The judge also noted that the reports, excluding those statements of XRP operations that are already allowed, are not related to the objects of the investigation.

According to the order, the SEC shall remove its requests aiming to get the respondents’ financial reports also removing its other party subpoenas aiming the same. Previously, Ripple won the right to access the SEC's inward papers related to crypto-assets and in what case they are considered securities.