Ripple's Garlinghouse, Larsen to file motions to dismiss in SEC lawsuit
March 4, 2021, 3:01PM EST
1 min read
Twin letters filed in federal court indicate that Ripple CEO Brad Garlinghouse and co-founder Chris Larsen will seek a dismissal of the charges against them in the Securities and Exchange Commission's ongoing lawsuit.
The letters, linked here and here, set forth the arguments for dismissal of their respective charges. Both letters highlight pending motions to dismiss, which as of press time are not publicly available via court records.
The SEC filed suit against Ripple last December, Garlinghouse and Larsen, alleging violations of U.S. securities laws in connection with what the agency alleged was an unregistered sale of securities in the form of XRP. Ripple has aggressively fought back, filing its court response in late January. The expected motions to dismiss represent the latest salvo in their efforts to counter the suit.
As Garlinghouse's letter, penned by law firm Cleary Gottlieb Steen & Hamilton LLP, states:
"This case represents regulatory overreach, plain and simple."
The moves come after the SEC filed an amended complaint last month.
Correction: This report has been updated to reflect that Larsen and Garlinghouse are seeking dismissal of the charges against them, not the lawsuit as a whole.