US Court allows Ripple’s co-founders to file a motion to dismiss case
Another development occurred in the ongoing Ripple-SEC lawsuit. Ripple co-founders Brad Garlinghouse and Chris Larsen have been allowed by the court “to file a motion to dismiss the cases against them.” According to legal documents, US District Judge Analisa Torres has allowed Larsen and Garlinghouse to file their motion to dismiss by 12 April.
The Judge included a schedule of future developments in the legal battle between Ripple and SEC. By 14 May, SEC shall file its opposition papers after it reviews Ripple execs’ motions. Following which, the defendants will reply by 4 June, if they choose to do so.
Additionally, by 22 April, the plaintiff – SEC – will file a motion to strike, thus summarizing its accusations. Larsen and Garlinghouse will be allowed to then file the opposition papers and form a reply by 13 May. Separately, SEC will be allowed to reply by 27 May.
Twitter users were quick to point out that the development was both good and bad news for the XRP community. One Twitter user and XRP investor said that the community is missing the “unfortunate” news that the Judge has granted SEC a motion to strike.
The price of XRP has dipped over 9% in the past month. Recently, XRP holders filed to intervene in the Ripple-SEC case as a third-party defendant, but lost their bid to do so. The move was dismissed by Judge Analisa Torres which was filed by John Deaton, an XRP hodler, of Deaton Law Firm LL. In a letter to Judge Torres, Deaton said he represented 6,000 other XRP holders to petitioned to participate in the lawsuit.
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.”