Ripple CEO Brad Garlinghouse and former CEO Chris Larsen have filed twin motions to dismiss the bombshell lawsuit that was brought against them by the U.S. Securities and Exchange Commission in December.
The agency made an unorthodox move to name the two high-profile executives as defendants in its complaint for allegedly aiding and abetting the company’s unregistered sales of the XRP cryptocurrency.
Lawyers for Garlinghouse and Larsen argue that their respective transactions were “predominantly foreign.” Despite claiming that some XRP purchasers were located in the U.S., Garlinghouse’s motion reads that the SEC has failed to plead the details of at least one transaction in the U.S.
