XRP has regained last week’s momentum and is up by 20% today. This is after Ripple announced that it had filed a motion to dismiss the SEC’s lawsuit. Ripple is buoyed by the recent move by a judge to dismiss the SEC request to look into the finances of Brad Garlinghouse and Chris Larsen.
Ripple has stated that the case against Garlinghouse fails to hold water in its move to dismiss the case. According to Brad’s lawyer Matthew Solomon, the SEC’s claim is a failure because it does not directly argue that Garlinghouse was in the know or was careless about Ripple supposedly breaking of Section 5.
The lawyer has also argued that by claiming that Brad was reckless, the SEC had set the bar so high to prove. He added this was a contradiction to Brad’s actions. Brad had consistently been focused on ensuring that XRP did not in any way have features that would make it appear like a security.
Chris Larsen’s lawyer has also taken the same stand. He argues that the charges filed against his client have no basis in law. He adds that the SEC has failed to prove that any of the initial sales of XRP were done domestically.
In another win for Ripple, a court in Delaware court has ordered U.K Tetragon Financial Group to pay Ripple $3.463 million in legal fees. The judge ruled that the contention issue (XRP being a security or not) was irrelevant because the matter was still in court.