Brad Garlinghouse and Chris Larsen will file a motion to dismiss the SEC's supplemental claim alleging their individual liability.
In separate letters filed in district court, lawyers for the executives argued that Brad Garlinghouse and former Ripple Chairman Chris Larsen were accused of manipulating the market price of XRP.
The regulator alleged that the managers knowingly facilitated the illegal sale of securities and fueled the market by selling personal XRP holdings to enrich themselves without publicly disclosing it.
Brad Garlinghouse, however, is dismissing the latest allegations. SEC, calling them “regulatory overreach.”
The letter states:
The SEC was unable to prove that Mr. Garlinghouse's sales and offerings of XRP fell within the scope of federal securities laws papers.
The letter states that “historically, the price of XRP has not correlated with the actions, results or public announcements of Ripple. The price of the coin correlates with other digital assets such as Bitcoin and Ethereum."
Meanwhile, Ripple is already providing an escape route if it loses its legal battle with the SEC.
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