Attorney withdraws from SEC lawsuit against Ripple, impact on XRP?
Attorney withdraws from SEC lawsuit against Ripple, impact on XRP?
The Ripple vs. SEC Lawsuit: Ripple Attorneys Withdraw, but Ripple Remains Resilient
In a recent development in the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC), another attorney representing Ripple has withdrawn from the lawsuit. This latest withdrawal raises questions and concerns among holders of XRP, Ripple’s native cryptocurrency, about the potential impact it may have on the case.
The withdrawal motion was filed by Anna R. Gressel, who sought to withdraw as an attorney for Ripple Labs. This withdrawal adds to a series of previous motions to withdraw by other attorneys representing Ripple in the lawsuit. Despite these withdrawals, Ripple remains positive and determined to defend its interests.
Ripple recently filed a request with the District Court for the Southern District of New York to grant leave for attorney Lisa R. Zornberg to withdraw from representing the defendants in the lawsuit. The reason for this request stems from Lisa R. Zornberg’s impending departure from Debevoise & Plimpton LLP, the law firm representing Ripple. Lisa R. Zornberg was appointed as City Hall’s Chief Counsel by New York City Mayor Eric Adams, starting July 31. However, this change does not impact Ripple’s ongoing relationship with Debevoise & Plimpton LLP, as other attorneys from the firm will continue to represent Ripple Labs in the case.
While the withdrawal of Lisa R. Zornberg may seem significant, Ripple has reassured that it will not affect their interests, including those of CEO Brad Garlinghouse and co-founder Chris Larsen. Additionally, three other attorneys, namely Kylie Chiseul Kim, Clayton J. Masterman, and Anna R. Gressel, were previously granted withdrawal motions, highlighting the shifting dynamics within the legal team.
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The withdrawal of Lisa R. Zornberg comes as the lawsuit between Ripple and the SEC progresses toward a potential resolution. Judge Analisa Torres recently referred the case to Magistrate Judge Sarah Netburn, who instructed both parties to negotiate a settlement conference. One of the issues to be discussed in the conference is the institutional sales of XRP, which is at the center of the SEC’s allegations against Ripple Labs.
Despite the ongoing legal proceedings, the price of XRP experienced a surge following a favorable summary judgment entered in Ripple’s favor. This boost in price, coupled with Ripple’s plans and initiatives, has instilled confidence among investors and contributed to the growing demand for XRP among institutional investors. Currently trading at $0.071, XRP’s price is 33% higher than its July opening price of $0.47, as reported by CoinGecko.
In conclusion, the withdrawal of another attorney from the Ripple vs. SEC lawsuit brings uncertainty to XRP holders, but Ripple remains resilient in its pursuit of justice. The ongoing legal battle is progressing, and Ripple’s position is bolstered by positive price movements and growing institutional interest in XRP. While the presence of high-profile attorneys may shift, Ripple’s determination and commitment to defend its interests and the interests of its key executives remain unwavering.
