Only time will tell when the battle will resolve, which is currently going on between the Securities and Exchange Commission (SEC), the independent agency of the United States, and Ripple Labs, the blockchain cross-border payments firm. But for now, both of the parties continue to strike each other very hard with back-to-back response letters to judges. In the latest response, the SEC says that the former executive of Ripple, Chris Larsen, is still transferring his XRP despite going through the lawsuit by the agency.
SEC claims to have evidence of it
A new letter has been issued by the US SEC to Judge Sarah Netburn. It was written by Jorge G. Tenreiro, the senior trial attorney of the SEC. Tenreiro says in the letter that the SEC has got evidence that Chris Larsen, the co-founder of Ripple, is continuously shifting his holdings of XRP despite going through the lawsuit.
He further stated that the financial condition of the defendants is still very much significant to the case. Adding more to it, he said:
Without the bank records, the SEC would have to take Individual Defendants at their word, particularly as the SEC has already had to “manually” trace the Individual Defendants’ transactions since they last provided data, with no guarantee that the SEC has been able to identify the complete universe of their sales and blockchain movements of XRP.
The independent agency of the United States mentioned in its lawsuit that Chris Larsen made proceeds worth $450 million from the sales of XRP (the native digital currency of Ripple). While on the other hand, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, was able to make $159 million worth of proceeds from these sales, which according to the SEC, are alleged as they sold unregistered securities.
Ripple’s Co-Founder Suggests that “Crypto Industry should Reconsider Proof-of-Work.”
Lawyer James K. Filan Says XRP Community Could Make A Huge Impact On Ripple Vs. SEC Case
$33M Injected Into XRP Products Within One Week Boosting AUM Of the Sector Up
How Is the XRP Lawsuit Going And How Investors Make More Money on the Recent Fluctuation of XRP Prices?
XRP Holders are Seeking intervention in the SEC’s Lawsuit Against Ripple
Recent Press Release
The Best NFT & DeFi Project Token Sale, TimeCoin(TMCN)
The best opportunity to invest in TimeCoin(TMCN) to realize both capital and income gain. The Special Token Sale of TimeCoin...
Place 1xBit bet BTC and Win
cryptocurrency is very much valued in the modern world, because it allows fast and secure transactions in different parts of...
Hips Payment Group Launches Merchant Token (MTO), a Cryptocurrency That Will Bring Consumer Protection to Blockchain Payments
Solution supports decentralized finance (DeFi) trend with consumer protection via smart contracts. DUBLIN, Ireland (April 1, 2021) – HIPS Payment...
Best 5 Crypto Social Trading Platforms
Over the past few years, technology has brought about drastic changes in how people approach the subject of investment. As...
TimeCoin (TMCN) Special Token Sale is Live Join Now!
The Special Token Sale of TimeCoin (TMCN) was launched on February 15th, 2021, with a 93% discount on the token’s...