Ripple executives file to dismiss SEC lawsuit as XRP prices soar
Tailwind of legal wins propel XRP’s market cap past US$70 billion as Ripple CEO and chairman ask court to drop SEC’s charges against them.
On the back of twin legal victories last week as part of pre-trial discovery, Ripple CEO Brad Garlinghouse and chairman Chris Larsen are asking a judge to dismiss the U.S. Securities and Exchange Commission’s lawsuit against them permanently.
According to legal filings on April 12, Garlinghouse and Larsen have submitted motions to U.S. District Court Judge Analisa Torres to dismiss the SEC’s first amended complaint against them with prejudice. If granted, it would end the lawsuit against them and prevent the SEC from refiling the same charges in the future.
“The SEC is straining to invoke a World War II-era precedent about orange groves to the nascent technology around digital assets and blockchain. It does not work in this case, and this effort to destroy Ripple Labs Inc. (“Ripple”), a vibrant U.S. company that has spent years working to develop technology to make cross-border payments faster, cheaper, and more reliable, will be dealt with on summary judgment,” stated Garlinghouse’s attorneys in their preliminary statement, which called the lawsuit “the SEC’s extraordinary decision to sue individuals in the face of years of regulatory uncertainty about how it would try to regulate this new technology.”
In their statement, Larsen’s attorneys said: “The SEC seeks to re
Tailwind of legal wins propel XRP’s market cap past US$70 billion as Ripple CEO and chairman ask court to drop SEC’s charges against them.
On the back of twin legal victories last week as part of pre-trial discovery, Ripple CEO Brad Garlinghouse and chairman Chris Larsen are asking a judge to dismiss the U.S. Securities and Exchange Commission’s lawsuit against them permanently.
According to legal filings on April 12, Garlinghouse and Larsen have submitted motions to U.S. District Court Judge Analisa Torres to dismiss the SEC’s first amended complaint against them with prejudice. If granted, it would end the lawsuit against them and prevent the SEC from refiling the same charges in the future.
“The SEC is straining to invoke a World War II-era precedent about orange groves to the nascent technology around digital assets and blockchain. It does not work in this case, and this effort to destroy Ripple Labs Inc. (“Ripple”), a vibrant U.S. company that has spent years working to develop technology to make cross-border payments faster, cheaper, and more reliable, will be dealt with on summary judgment,” stated Garlinghouse’s attorneys in their preliminary statement, which called the lawsuit “the SEC’s extraordinary decision to sue individuals in the face of years of regulatory uncertainty about how it would try to regulate this new technology.”
In their statement, Larsen’s attorneys said: “The SEC seeks to re