On Tuesday, April 13, XRP price rose above $1.8. This was preceded by the filing of a motion by Ripple founders Brad Garlinghouse and Chris Larsen to dismiss the SEC’s lawsuit.
\n\n\n\n
As of writing, XRP is trading around $1.80. In the last 24 hours the token rose 32.4%, over the past seven days — 98.4%.
\n\n\n\n
The asset’s market capitalization stands at $83.3 billion, according to CoinGecko. It ranks fourth in the market, behind Binance Coin.
\n\n\n\n
On April 12, Ripple CEO Brad Garlinghouse and the company’s co-founder Chris Larsen filed a motion in court to dismiss the SEC’s suit against them personally from further consideration. The regulator emphasized the actions of the company’s leadership in the altered version of the complaint in February and sought from six banks data on the defendants’ financial transactions.
\n\n\n\n
Lawyers say the SEC has not proven the intentional violation of the law by the top executives. The commission must present its objections by May 14. After that, the defendants can file a responsive brief by June 4.
\n\n\n\n\n\n\n\n
On April 12, attorney James Filan also said that Tetragon Financial Group should pay $3.5 million to cover Ripple’s legal costs.
\n\n\n\n
#XRPCommunity While we are waiting for the Individuals’ Motions to Dismiss in #SEC v. #Ripple, attached is the Order and Final Judgment entered in favor of Ripple Labs and against Plaintiff Tetragon Financial Group in the suit in Delaware Chancery Court. #Momentum pic.twitter.com/jCL5VklG1r
— James K. Filan (@FilanLaw) April 12, 2021
In 2019, a British investment firm led a $200 million funding round for the California-based company. Following the SEC suit, Tetragon demanded Ripple redeem the preferred shares under the existing contract. On March 5, 2021 the court dismissed the suit.
\n\n\n\n
In April, Judge Sarah Netburn granted Ripple’s motion regarding access to SEC documents revealing the regulator’s \”interpretation and views\” on Bitcoin and Ethereum.
\n\n\n\n
Earlier on April 11, the court did not see the need to disclose Garlinghouse’s and Larsen’s personal financial records at the regulator’s request in the Ripple case.
\n\n\n\n
gov.uscourts.nysd.551082.110.0 by ForkLog on Scribd
\n\n\n