370 Interactions, 2 today
Another development in the pending Ripple-SEC litigation happened. The court also permitted Ripple co-founders Brad Garlinghouse and Chris Larsen to “file a motion to dismiss the lawsuits against them.” According to court records, US District Judge Analisa Torres has sent Larsen and Garlinghouse until April 12 to file a motion to dismiss.
The Judge included a timeline of potential events in the Ripple vs. SEC court dispute. After reviewing the motions of Ripple executives, the SEC must file its opposition papers by May 14th. Following that, if the defendants wish to respond, they must do so by June 4th.
Furthermore, by 22 April, the appellant – the SEC – will file a motion to strike, essentially summarising the claims. Larsen and Garlinghouse would then have until May 13 to file their opposition papers and formulate a response. Separately, the SEC will have until May 27 to respond.
Twitter users soon found out that the news was both positive and negative for the XRP culture. According to one Twitter user and XRP investor, the group is ignoring the “unfortunate” news that the Judge approved the SEC’s motion to hit.
In the last month, the price of XRP has dropped by more than 9%. Recently, XRP holders tried to participate as a third-party claimant in the Ripple-SEC lawsuit, but were unsuccessful. Judge Analisa Torres rejected the motion brought by John Deaton of Deaton Law Firm LL, an XRP hodler. Deaton claimed in a letter to Judge Torres that he represented 6,000 other XRP holders who petitioned to join in the case.
At the time, Deaton argued that this move would allow the holders to adequately represent their interests as “holders of XRP cannot objectively rely on Ripple’s efforts.”