Lawyers Depart from SEC in Ripple Lawsuit as New Counsel Joins the Fray
Multiple attorneys have recently made moves in and out of the ongoing lawsuit between Ripple Labs, its executives, and the United States Securities and Exchange Commission (SEC), according to court filings on August 23. The motions filed sought permission to withdraw attorneys Richard Best and Robert MacDonald Moye from the trial. Best was immediately granted the motion due to extended medical leave, while Moye’s withdrawal is still pending Judge Analisa Torres’ decision.
In addition, attorney Pascale Guerrier filed a motion on the same day to be dismissed from the case, which was promptly granted by the judge.
In a game of legal musical chairs, Judge Torres approved attorney Michael A. Schulman to represent Brad Garlinghouse, CEO of Ripple, while attorneys Marc J. Jones and Peter Bryan Moores were selected to represent the SEC.
Opinions in the Crypto Community
News of the attorney changes has sparked various opinions within the crypto community, with users taking to social media to voice their thoughts. Some users believe that the attorneys leaving the SEC’s side do not want to be associated with the “wrong side of history.” Others have remarked on the timing, suggesting that the lawyers are abandoning ship before it sinks completely.
However, not everyone sees the attorney changes as significant. Prominent crypto lawyer John E. Deaton responded that the changes “mean nothing” in the grand scheme of the case. He suggested that Guerrier might be reassigned or simply leaving the SEC. Deaton also emphasized that the ongoing legal activities between the SEC and Ripple have already cost XRP three years of adoption.
Impact of the Lawsuit on Ripple and XRP
Deaton further discussed the effects of the lawsuit, stating that there have been instances where major entities in the crypto space, like Coinbase, reached out to the SEC for regulatory clarity before listing XRP without facing any objections. Such hurdles and uncertainties have hindered the adoption of XRP.
Meanwhile, David Schwartz, the Chief Technology Officer of Ripple, acknowledged the complexity of the situation in response to the SEC’s motion to appeal, which was granted. According to Schwartz, the SEC’s appeal is based on its interpretation of the case, which is still ongoing and unresolved.
It is worth noting that the SEC is involved in several other crypto-related cases at the moment. This includes a long-standing case against cryptocurrency exchange Coinbase, which recently received support from Senator Cindy Lumis for its dismissal motion against the SEC. Additionally, both Gemini and Binance.US are dealing with ongoing legal matters involving the financial regulator.
In its ongoing efforts to regulate the crypto space, the SEC recently filed charges against crypto investment manager Titan for misleading advertising claims on August 21. Additionally, a former U.S. corrections officer was charged by the SEC on August 23 for his involvement in a pump-and-dump-like crypto scam.
The legal battle between Ripple and the SEC continues to evolve with attorneys leaving and new counsel joining the case. These developments highlight the complexities and importance of ongoing regulatory efforts in the crypto industry. Stay tuned to Uber Crypto News for more updates and analysis on this and other crypto-related news.