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Yesterday, Ripple formally opposed the motion and seems to have made quite an impact within some attorney circles. The defendant explored those two citations, their omissions and misrepresentations. 

“I have said from day one, I am not an expert in crypto nor a securities lawyer, but it doesn’t take an expert to see that plenty is very wrong, very corrupt and very outrageous about the SEC’s lawsuit against Ripple. I hope that clarity is on the horizon, but I fear that for the retail holders represented in our case the fight has just begun.”

Described as “one of the leading reformers after the financial crisis”, Gary Gensler will now lead the SEC in a time of crisis. The financial watchdog has been under fire for not providing clarity regarding its authority over the cryptocurrency ecosystem, with the most recent scandal being the SEC v Ripple lawsuit.

The motion to dismiss the complaint against the co-founders of Ripple Labs follows a string of wins for the defendants, the most recent being Judge Sarah Netburn granting the defendants’ motion to reject the SEC’s access to eight years of co-founders Garlinghouse and Larsen’s personal information.