Crypto News

Ripple’s Chairman Files To Remove SEC Lawsuit Over XRP Sale

Ripple's Chris Larsen files to remove name from SEC lawsuit over sale of XRP

The Legal counsel of Ripple Executive Chair Chris Larsen is trying to get his name removed from the US SEC’s lawsuit against the company. The lawsuit is over the sale of XRP which is alleged to be an unregistered security.

The letter to Judge Analisa Torres filed a motion to dismiss charges against Larsen. It also questioned the merits of the SEC’s allegations.

The letter stated, “Defendants believe that the SEC will be unable to demonstrate that transactions in XRP constitute securities because, among other reasons, they possess none of the attributes of ‘investment contracts’.”

SEC Failed To Establish XRP Being A Security

The letter also noted that the SEC failed to establish Larsen’s knowledge of XRP being security while selling them. “At a minimum, the SEC must allege that it was ‘so obvious’ that XRP transactions were securities and Ripple’s conduct was improper that Mr. Larsen ‘must have been aware of it’.”

The lawyer additionally argued that claims against Chris Larsen are barred by the five-year statute of limitations. “SEC has alleged that Mr. Larsen’s sales were part of a single ‘ongoing’ Section 5 violation that began in 2013.”

The lawyer would continue on. “Because the SEC has alleged that the sales of XRP over a multi-year period constituted only one offer, which began in 2013, the statute of limitations began to run in 2013 and expired in 2018.”

The lawyers also questioned the SEC’s jurisdictional authority. They believe the allegations failed to establish that the XRP tokens were sold in the US.

This motion comes after a similar one was filed on behalf of co-defendant Brad Garlinghouse. That motion also asked for the case to be dismissed.

The lawyers ended the letter with a strong statement. “In the face of these undisputed facts, which affirmatively establish the absence of knowledge or recklessness, the SEC offers only conclusory and legally insufficient allegations that Mr. Larsen knew or recklessly disregarded that Ripple’s conduct was in any way improper.”

How useful was this post?

Click on a star to rate it!

Corey Hansford CoinChapter
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as and Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

Related "Altcoin" News

Dogecoin Price Keeps Exploding on CME Listing Rumor
Dogecoin (DOGE), the prominent meme-coin, maintains its bullish bias and is trading for $0.37 on Monday (a 27% rise...
Dent (DENT) and VeChain (VET) Goes All Risky on Traders; A Technical Outlook
Dent's DENT and VeChain's VET are among the biggest gains in the alternative cryptocurrency market, beating even its top...
Litecoin Expects to Hit Record amid Institutional Boom; Here’s How
Litecoin(LTC), the ninth-largest cryptocurrency by market cap, have more room to grow its value insofar that it reaches an...
Holo (HOT) Follow Up: Risky Bullish Breakout in Play
Holo prices jumped aggressively during the Asia-Pacific session on Thursday, much in contrast with a major downside correction across...
Mark Cuban Outsmarts Elon Musk, Adds Dogecoin to Dallas Mavericks Balance Sheet
Mark Cuban, the owner of NBA's Dallas Mavericks, announced that he is adding Dogecoin (DOGE), a popular meme cryptocurrency,...
xMoon Makes Reddit’s MOON More Useful, But Only Barely
Many cryptocurrency enthusiasts suddenly express an interest in the xMoon exchange. Ever since Reddit introduced its native MOON currency,...