On the same day, Garlinghouse tweeted, “Today (through a lawyer) I filed a document asking me to drop a lawsuit against me against the revised complaint of the SEC. In short, the SEC’s claim is out of reach.”
According to Coinpost on the 4th, attorney Garlinghouse pointed out that the contents of the SEC’s complaint in the federal district court of New York State were excessive. The lawyer refuted, “In the revised complaint, the SEC claimed that Gallinghouse was a teacher in the sale of Ripple undocumented securities, but it needs to be proven that this is’deliberately committed.’
“The SEC has so far requested 200,000 pages of documents from lawyers and third parties over the past 30 months, but so far, Garlinghouse has been more than likely to be involved in Ripple’s suspicion of selling unregistered securities. It has not been proved.”
The lawyer also said, “It is inappropriate to treat Garlinghouse’s charges of selling and supplying Ripple as a violation of securities laws in the revised complaint.” He argued that selling Ripple overseas does not fall under the Securities Act, but the SEC applied the Securities Act.
Coinpost said, “If you look at the collection revised by the SEC on the 18th of last month, a description of what Garlinghouse and Larson (Co-founder of Ripple) did was added. “I mainly pointed out that in 2015, the Chief Financial Officer (CFO) reported to two people how the Ripple sales strategy had affected prices or volume.”