The US Securities and Exchange Commission (SEC) wants to get personal financial information of two Ripple executives (Brad Garlinghouse and Chris Larsen) from six banks over the past eight years, Bloomberg reports. Larsen and Garlinghouse asked the court to block subpoenas as the regulator's request is a "wholly inappropriate overreach."
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According to Larsen and Garlinghouse, there is no allegation that their personal finances have anything to do with those of Ripple. The watchdog reportedly wants to get all the data, including information on "how much money they spend at the grocery store every week."
"The SEC has not offered and cannot provide a coherent explanation for why it is entitled to this information," lawyers for the two men said told the court.
In December last year, the SEC submitted a lawsuit against Ripple in which it accused the company of unregistered offering of securities. The SEC says Ripple undertook distribution of the XRP tokens without registering offers and sales of XRP with the SEC.
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