As a seasoned observer with a keen eye for the intricacies of blockchain and financial law, I must say that the ongoing Ripple vs SEC lawsuit has certainly kept me on my toes. The recent moves by Ripple executives Brad Garlinghouse and Chris Larsen to hire key attorneys in an attempt to dismiss charges against them is a strategic move, one that underscores their confidence in their case.
Ripple Lawsuit with the SEC: The top legal representatives of Ripple Labs, Brad Garlinghouse and Chris Larsen, have been enlisted once more to contest allegations in the XRP court case. Simultaneously, the U.S. Securities and Exchange Commission is seeking the second circuit court to establish January 15, 2025 as the date for submitting their primary brief on appeals.
Ripple Executives Seek to Dismiss Charges in SEC Lawsuit
Ripple’s top executives, Brad Garlinghouse and Chris Larsen, might be aiming to discard the accusations against them by employing the same legal team. Nevertheless, Matthew Solomon from Cleary Gottlieb and John Deaton, a lawyer representing XRP holders, have registered as non-admitted attorneys. This implies their involvement in the appeals process will be restricted.
As a researcher, I’ve come across information suggesting that, in adherence to recent legal proceedings, law firm Paul, Weiss, Rifkind, Wharton & Garrison has ceased its representation of Chris Larsen. This change occurred on the same day when notice was served to Mr. Larsen for neglecting to file a notice of appearance with the appeals court.
In the most recent filing, it has been revealed that the legal team previously representing Garlinghouse will now be representing Chris Larsen as well. This includes lawyers Nowell Bamberger, Rahul Mukhi, and Samuel Levander from Cleary Gottlieb Steen & Hamilton LLP.
Additionally, they played a role on the team that managed to dismiss all claims against Garlinghouse during the Ripple versus SEC legal case.
What They Have Appealed in XRP Lawsuit
In a recent appeal filing, the U.S. Securities and Exchange Commission (SEC) accused Ripple’s CEO Brad Garlinghouse and Executive Chairman Chris Larsen of violating securities laws. The SEC is challenging Ripple, Garlinghouse, Larsen, and others, including the company’s XRP sales, as well as its distribution of XRP to employees and others.
Currently, Ripple is challenging several aspects regarding an “investment contract.” Specifically, they question whether such a contract requires a written agreement, post-sale obligations from the seller, and profits tied to the seller’s actions. Furthermore, Ripple contests the district court’s previous rulings and debates how the decades-old Howey test can be applied to cryptocurrencies. In their appeal filing, they have resurrected the fair notice defense as well.
Ripple and its leaders, Brad Garlinghouse and Chris Larsen, are making efforts to secure judicial precedents from the Court of Appeals for the 2nd Circuit. However, a former SEC lawyer named Marc Fagel contends that the SEC only dismissed charges of aiding and abetting Ripple’s unregistered institutional sales, while other allegations against the executives were not dropped.
In the past day, XRP’s price climbed approximately 1%, reaching the current level of $0.518. The lowest and highest prices over the same period were $0.511 and $0.520, respectively. Moreover, there has been a notable surge of 60% in trading volume within the last 24 hours, suggesting an uptick in investor attention.
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2024-10-29 00:02