XRP lawsuit update. Is the SEC trying to “turn the law on its head?”

The ruling in the SEC v. Ripple lawsuit is eagerly being awaited by the crypto-community. After back-to-back developments, the case only seems to be inching ahead with time. In what is the latest development in the same, Chris Larsen and Brad Garlinghouse, the individual defendants of the case, have filed their respective memorandums to the SEC’s opposition to dismiss their respective motions.

The SEC, in its Memorandum, argued that both the executives were “aware” of their “wrongful” offers. In his response, Larsen argued that the SEC’s claims against him are “legally deficient” and “unsupported” by well-pleaded facts in the amended complaint. Garlinghouse, on the other hand, asserted that the SEC’s opposition is an “elaborately-staged,” yet “futile” effort to obscure the pleading deficiencies identified in his motion to dismiss.

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