Ripple vs SEC lawsuit: Brad Garlinghouse and Chris Larsen retained the same lawyers this time. Will this enable them to dismiss the allegations against them once more?
Ripple executives Brad Garlinghouse and Chris Larsen have brought in prominent attorneys to try to dismiss charges in the ongoing SEC lawsuit.
Recently, the SEC requested the U.S. Second Circuit Court to establish January 15, 2025, as the deadline for its primary brief on the appeals.
Ripple Executives Pursue Dismissal in SEC Lawsuit
Brad Garlinghouse and Chris Larsen, key figures at Ripple, are now seeking to have charges against them dismissed, engaging the same legal team.
Notably, Cleary Gottlieb partner Matthew Solomon and attorney John Deaton, known for representing XRP holders, are both listed as non-admitted attorneys, indicating that their participation in the appeals will be limited.
In a recent filing, it was also noted that Paul, Weiss, Rifkind, Wharton & Garrison no longer represents Chris Larsen.
This came on the same day an appeals court notified Larsen about his missed submission of a notice of appearance.
As a result, Garlinghouse’s legal team, including Cleary Gottlieb’s Nowell Bamberger, Rahul Mukhi, and Samuel Levander, will now represent Larsen.
This legal team previously secured the dismissal of all charges against Garlinghouse in the Ripple vs. SEC case.
Appeals and Counterclaims in the XRP Lawsuit
The SEC’s recent appeal includes allegations of securities law violations related to XRP sales by Ripple, Garlinghouse, and Larsen, as well as XRP distributions to employees and others by Ripple.
However, Ripple is challenging whether an “investment contract” must involve a formal contract, post-sale obligations by the seller, and profit dependency on the seller’s actions.
Ripple also questioned whether the district court’s rulings contained errors and is revisiting the “fair notice” defense in the appeals filing, scrutinizing the relevance of the Howey test to cryptocurrencies.
Ripple and its executives are pushing for binding precedents from the Second Circuit Court of Appeals.
Former SEC lawyer Marc Fagel clarified that while the SEC dropped aiding and abetting charges on Ripple’s unregistered institutional sales, other claims against the executives remain.
XRP’s price rose about 1% over the past 24 hours, currently trading around $0.518, with a trading range between $0.511 and $0.520.
Additionally, trading volume increased by 60%, signaling greater interest from traders.
