SEC Requests Withdrawal of Attorneys in Ripple Case: What Does it Mean?
Last month, Ripple (XRP) achieved a significant victory in its legal battle against the United States Securities and Exchange Commission (SEC). However, the case is far from over, as the SEC has filed multiple appeals against the court’s decision. Additionally, recent requests made by the SEC to withdraw two attorneys have added further complexity to the situation. In this article, we will explore the implications of these developments and their potential impact on the Ripple case.
Attorneys Withdraw from Ripple Case
On Wednesday, the SEC submitted requests for the withdrawal of two attorneys. The first request was due to health reasons and was promptly granted. However, the second request is still pending the judge’s decision. Prior to these requests, a third attorney had already sought withdrawal, which was also accepted. Meanwhile, Ripple CEO Brad Garlinghouse has also filed an application for a new attorney. Some view the mass withdrawal of SEC attorneys as a sign that they are abandoning a sinking ship. However, Ripple supporter and prominent lawyer John Deaton believes these events are not particularly uncommon in such cases and may not hold significant meaning.
Potential Implications and Ripple’s Loss
John Deaton, who closely follows the XRP case, has previously commented on the impact of the lawsuit on Ripple. Having been ongoing since 2021, Deaton claims that Ripple has lost three years of development due to this legal process. The withdrawal of attorneys and the subsequent reassignment within both camps may further prolong the case, causing future delays and potentially hindering Ripple’s progress.
The Prolonged Ripple Lawsuit
As mentioned earlier, the SEC has filed multiple appeals challenging the court’s ruling. Disagreement lies in the court’s determination that the secondary sale of XRP, such as on exchanges, does not fall under U.S. securities laws. The SEC now seeks to halt the ongoing lawsuit and address these appeals first, which could potentially lead to further delays of several years. Ripple’s board members argue that such a delay is unnecessary and suggest that the appeals be handled after the conclusion of the initial lawsuit, as would be the normal course of action.
- Advertisement -
The withdrawal of attorneys and the SEC’s appeals in the Ripple case have added new layers of complexity and uncertainty to the legal proceedings. While some perceive the attorney withdrawals as a significant development, others view them as routine occurrences. The future of the Ripple lawsuit remains uncertain, and the outcome of the SEC’s appeals will have significant implications for Ripple and the broader cryptocurrency industry. As the case continues, it is crucial to closely monitor the developments and their potential impact on Ripple’s path forward.