Ripple (XRP) CEO Brad Garlinghouse made a statement on Twitter in connection with the SEC case. Garlingha House said it had requested that the case against the SEC’s amendment complaint be dismissed.
As is well known, the first hearing between SEC and Ripple took place on February 22, when it was made clear at the hearing that the case would be dismissed.
A letter was filed on my behalf today stating my intention to file a motion to dismiss in response to the SEC’s amended complaint against me. Simply put, SEC’s allegations are regulatory overreach. The letter speaks for itself: https://t.co/bwj9YdDOQw
– Brad Garlinghouse (gbgarlinghouse) March 3, 2021
Ripple filed a 5-page petition dismissing the case, claiming that the allegations in the petition were invalid. In addition to this text WavesXRP stated that the sale could in no way be considered a “sale of securities.” According to the SEC, Brad Garlinghouse made millions of dollars in profits from the sale of illegal securities.