The two individual defendants in the Ripple case, Bradley Garlinghouse and Christian A. Larsen, suffered a setback this week when the court denied their motions to dismiss. Judge Analisa Torres, District Court judge for the Southern District of New York, ruled that the United States Securities and Exchange Commission (SEC) had adequately pleaded that the two senior executives of the crypto platform had aided and abetted Ripple’s alleged violations of Section 5 of the Securities Act of 1933 (Securities Act). On the same day, the court also denied the SEC’s motion to strike Ripple’s affirmative defense that the SEC violated Ripple’s due process rights for failure to provide fair notice that its conduct was illegal.

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