Ripple’s Executives File Twin Motions For Dismissing SEC Lawsuit

In an unexpected turn of events, top Ripple executives have requested that the SEC case should be completely dismissed. Ripple CEO Brad Garlinghouse alongside former CEO Chris Larsen has thus each filed separate requests to dismiss the SEC’s December lawsuit.

In a seemingly unusual development, the organization had named 2 high-profile executives as the defendants in its case for allegedly abetting as well as aiding the company’s unregistered sales through the utilization of Ripple’s XRP cryptocurrency. The United States Securities and Exchange Commission had also accused the XRP token of exhibiting security-like functions and tendencies.

SEC has failed and our transactions were mainly foreign, says Garlinghouse

Garlinghouse and Larsen’s attorneys contend that their respective purchases were ‘predominantly international’. Despite arguing that certain XRP buyers were indeed based in the United States, Garlinghouse’s motion concurs that the SEC has refused to bring forth the evidence regarding the particulars of at least one seemingly unregistered sale in the U.S.

Furthermore, according to the defendants, allegations of Section 5 violations should be dismissed by the court because the plaintiff’s lawsuit did not succeed in its objective to “plausibly allege” any recklessness towards proving that the Ripple executives were intentionally breaching the law via the selling of the aforementioned XRP token.

Larsen’s attorneys further argue that the SEC is in fact prohibited from seeking monetary compensation due to the statute of limitations, which limits the time frame in which court action may be initiated, thus adding even more fuel to the fire that the SEC might have actually overstepped its boundaries and jurisdiction.

Ripple puts the SEC under pressure as we ponder what’s next

After years of continuous investigation regarding Ripple and its CEO Brad Garlinghouse and Chris Larsen, the SEC seems to be struggling to close the case that it has made against Ripple.

For more than 2 and a half years prior to filing its formal complaint, acquiring Mr. Larsen’s XRP trading documents, and having the ability to locate each bid and sale for which monetary compensation is sought, the SEC has nevertheless failed to present any concrete evidence about any discrete illegal or unregistered XRP offers, sales or transactions, according to Ripple representatives.

As of the time of this writing, XRP is currently the 4th largest cryptocurrency in the world right now in terms of market capitalization with a price of $1.60. This price is also a 17.0% increase from its previous price within a 24-hour time period. Ripple has also been enjoying considerable success by branching out into both Malaysia and Australia despite the ongoing legal battle with the SEC.

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