(MENAFN – Zex PR Wire) Fintech firm Ripple has transferred 40 million XRP coins, which is valued at around $ 20 million. Meanwhile, the main defendants in the SEC lawsuit against giant Ripple (Garlinghouse and co-founder Larsen) are trying to bring a lawsuit. Accordingly, the expedited procedure will force the regulator to dismiss the lawsuit.
Ripple transferred XRP to Bitstamp
According to tracking service Whale Alert and XRPscan, Ripple Crypto Behemoth has broadcast 10 million XRP. The first recipient was the registered RL18-VN wallet. It is often used to sell XRP tokens. It has been previously reported that this is one of the purported extra wallets. The funds from this will be used to curb the growth and sales of tokens.
The second transfer was made by the Uphold crypto exchange to Bitstamp, the largest EU trading platform in Luxembourg. It acts as a kind of liquidity corridor for Ripple. Accordingly, it fills the order books with volume, which excludes manipulation of the Ripple price. Each of these transfers sent an equal amount of 20 million XRP.
Ripple filed motions to decline legal action
Today the lawyers of Brad Garlinghouse, the current boss of Ripple, held a press conference for journalists. They said they sent a letter to Federal Judge Analysis Torres. The document on behalf of the CEO includes a motion to dismiss the lawsuit brought against him by the US regulator late last year 2020. The letter stated that the SEC’s request was to be viewed as a “regulatory abuse of power”.
Chris Larsen, the former CEO and co-founder of Ripple, filed a similar letter to the judge. It is said that the SEC was unable to demonstrate that Larsen was aware of any legal issues that may have arisen in connection with the XRP relationship when selling to investors.
In the letters sent, the lawyers also repeated one of their longstanding arguments. It was pointed out that FinCEN (a network for the fight against financial crimes) designated XRP as a virtual currency back in 2015.
According to lawyers, the SEC is deliberately delaying the proceedings. If the case goes to court as soon as possible, it will just fall apart. As a result, Ripple’s lawyers are actively pushing for legal review. They find that the SEC has no compelling reasons and so is simply trying to starve Ripple out. Because officials know what a huge shadow has fallen on the company in connection with this high profile allegation.
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