Ripple's two founders filed a motion to dismiss the US SEC lawsuit

Ripple co-founders Brad Garlinghouse and Chris Larsen have filed two motions to dismiss the SEC's allegations against them. Garlinghouse and Larsen's lawyers claim that the transactions they each conducted were "primarily conducted outside of the territory of the United States." While some XRP buyers may be located in the United States, Garlinghouse's motion shows that the SEC failed to defend the details of at least one transaction located in the United States.

According to the order issued by Judge Analisa Torres of the Southern District of New York, the SEC must file its opposition to Larsen and Garlinghouse's motion by May 14. The defendants will have a chance to respond to the agency by June 4.