Ripple: SEC Lawsuit – this is a regulatory outrage

Brad Garlinghouse and Chris Larsen will file a motion to dismiss an additional SEC lawsuit against theirindividual responsibility.

In separate letters sent to the district court,attorneys for the executive directors have presented arguments against the accusation of Brad Garlinghouse and former Ripple chairman Chris Larsen of manipulating the market price of XRP.

The regulator argued that the managers deliberately facilitated the illegal sale of securities and heated the market by selling XRP's personal assets for their own enrichment without publicly reporting it.

However, Brad Garlinghouse dismisses the latest SEC allegations as "regulatory arbitrariness."

The letter states:

The Securities and Exchange Commission was unable to prove that Mr. Garlinghouse's XRP sales and offers fall within the scope of federal securities laws.

The letter states that “historically XRP price has notcorrelated with Ripple's actions, results, or public announcements. The price of the coin correlates with other digital assets such as bitcoin and ether. "

Meanwhile, Ripple is already securing escape routes if it loses its litigation with the SEC.

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