Ripple Executives Reveal Their List Of Demands To End XRP Lawsuit

April 10, 2022 9:46 pm Comments

Throughout the Ripple vs. SEC lawsuit so far, Ripple executives Brad Garlinghouse and Chris Larsen have consistently maintained a position where they deny the SEC’s allegations or lack sufficient knowledge to comment on the allegations.

Recently, the revelation of documents that indicate Hinman’s conflict of interest has greatly put the SEC’s position to a major disadvantage showing that Ripple has once again scored a major victory.

With this new confidence in its position within the court, Ripple has laid out the conditions that the company wants in order for it to be willing to finally close the case.

The list of conditions are focused around the main point which is that the SEC is not entitled to any kind of relief.

FinanceFeeds reports:

“Plaintiff’s prayer for relief and judgment (including Sections I through V) does not require a response, but to the extent any response is necessary, Mr. Larsen [Garlinghouse] denies that Plaintiff is entitled to the requested relief and judgment or to any relief whatsoever, and therefore requests that the Court:

1. Dismiss the action with prejudice;

2. Enter judgment in favor of the Defendants against Plaintiff with respect to all causes of action in the Complaint;

3. Award Mr. Larsen [Mr  Garlinghouse] his attorneys’ fees and all other costs reasonably incurred in defense of this action; and

4. Award Mr. Larsen [Mr  Garlinghouse] any other relief as the Court may deem just and proper.

Ripple has also mentioned that the SEC is the one that is demanding for a “trial by jury” which would essentially delay the case even further.

Obviously, this demand will not be agreed to by Ripple as the case has already been drawn out enough given that it started a year and a half ago and still still ongoing.

Ripple’s stance that XRP is not a security also remains strong as ever as the company reminds the court that XRP is not considered a security in countries like UK, Japan, and Singapore.

Therefore, it would seem strange if XRP happened to somehow be considered a security in only the United States which would seem likely suspicious given Hinman’s conflict of interest.

FinanceFeed shares:

The SEC and the court were also reminded that securities regulators in the United Kingdom, Japan, and Singapore have likewise concluded that XRP is a virtual currency not subject to securities regulation.

As the U.K. Treasury stated recently, “widely known crypto assets such as Bitcoin, Ether and XRP” are not securities, but “[e]xchange tokens” that “are primarily used as a means of exchange”.

In the meantime, the court is expected to rule on the SEC’s Motion for Partial Reconsideration, the Defendants’ Motion to Strike the Supplemental Expert Report, the Defendants’ Motion to Compel Turnover of the Estabrook notes, and the decision on the SEC’s proposed redactions.

Investors and XRP holders are hoping that the SEC would be willing to accept Ripple’s demands to hopefully end the case sooner given the SEC’s current weak position in the lawsuit.

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