Ripple’s Chris Larsen Files Motion to Dismiss SEC Case Over XRP Sales

[Tanimariya]

Ripple’s executive chairman has asked a U.S. court to dismiss a U.S. Securities and Exchange Commission (SEC) lawsuit alleging securities violations relating to sales of the XRP (-0.25%) cryptocurrency.

According to a legal letter informing Judge Analisa Torres at the U.S. District Court for the Southern District of New York of a motion to dismiss, lawyers say the SEC’s amended complaint “still fails to state a claim against Mr. Larsen.”

In December, the SEC sued Ripple, CEO Brad Garlinghouse and Larsen alleging they had not registered XRP as a security or sought an exemption, and had sold over $1.3 billion in the cryptocurrency to retail investors.
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