Chris Larsen has filed a motion to dismiss the SEC's case against him as part of the Ripple lawsuit.
Chris Larsen — Ripple’s executive chairman — has joined company CEO Brad Garlinghouse in moving to dismiss the securities violation case filed by the US Securities and Exchange Commission.
In a court letter filed on Wednesday, Larsen’s attorneys provided four arguments detailing the reasons why the case against the Ripple executive should be struck.
According to the letter, the SEC cannot substantiate its claims that Larsen “knowingly or recklessly provided substantial assistance” towards the violation of Section 5 of the Securities Act of 1933.
Arguing further, the letter stated that in 2015, when Larsen bore the designation of Ripple CEO, both the Justice Department and the Treasury Department’s Finance Crimes Enforcement Network classified XRP as a currency.