Ripple CEO Brad Garlinghouse and Chairman Chris Larsen have filed motions to dismiss a claim they filed with the US Securities and Exchange Commission (SEC) in December.
The SEC resorted to non-standard practice, in addition to the company, pointing out two of its executives as defendants, who are accused of complicity in the illegal sale of securities in the form of an XRP token. Representatives for Garlinghouse and Larsen say their transactions were “predominantly foreign.” Garlinghouse’s petition says the SEC does not provide examples of transactions in the US, although it claims that there were Americans among the XRP buyers.
Representatives of the defendants are asking the court to dismiss the claim on the grounds that the SEC could not convincingly prove the fact of deliberate violation of the law by two managers in the course of XRP sales. Larsen’s lawyers also say that the statute of limitations has expired for the filing of monetary sanctions.
“Despite the fact that Ripple and Larsen were investigated for more than two and a half years before the lawsuit was filed in its original form, as well as records of Larsen’s XRP trading transactions were obtained, and every offer and sale was well identified. for which the SEC wants to impose penalties, the department cannot cite individual cases of the offer or sale of XRP, ”the document says.
By May 14, the SEC must submit its objections to the motions of the defendants, after which they can file a counter-application by June 4.
In addition, it became known that the company Tetragon Financial Group, which is an investor in Ripple and unsuccessfully tried to recover the invested money in court, will have to pay $ 3.463 million in legal costs of its partner.
#XRPCommunity While we are waiting for the Individuals’ Motions to Dismiss in #SEC v. #Ripple, attached is the Order and Final Judgment entered in favor of Ripple Labs and against Plaintiff Tetragon Financial Group in the suit in Delaware Chancery Court. #Momentum pic.twitter.com/jCL5VklG1r
– James K. Filan (@FilanLaw) April 12, 2021
XRP, meanwhile, continues to rise. Over the past 24 hours, the token price has risen by another 17% and reached a new multi-year high above $ 1.60.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
