The CEO of Ripple Brad Garlinghouse, along with the company’s executive chairman Chris Larsen filed two separate motions to dismiss the lawsuit against the SEC (U.S. Securities and Exchange Commission), The Block Crypto reports.
CoinDesk.com cites a letter from Larsen’s lawyers informing the judge about a motion to dismiss. In particular, attorneys suggest that the SEC does not provide sufficient support for its claim that the executive chairman violated Section 5 of the Securities Act 1933. Specifically, the lawyers contest Larsen’s knowledge of the status of XRP as a security, CoinDesk.com reports.
In December 2020, SEC filed a lawsuit against Ripple, its CEO Garlinghouse, and co-founder Larsen. In particular, the Commission accused Ripple of offering illegal securities to investors amounting to $1.3 billion. The SEC has since then amended its complaint to include the accusation of XRP token’s price manipulation.
The ongoing confrontation between Ripple and SEC did not seem to harm the company’s business activities in the Asia Pacific. According to CoinTelegraph.com, Ripple’s CEO attributes this to clear market regulations in those regions. XRP’s price has increased by over 2% over the past 24 hours. The cryptocurrency is trading at about $0.46 at the time of writing.
In related news, MoneyGram is facing a class-action lawsuit from some of the investors who bought securities. In particular, they complain that the company made false statements in relation to XRP and did not confirm its status as a security, Coingeek.com says.