The US SEC has applied to withdraw one of its lawyers in the Ripple case. Meanwhile, Ripple’s legal counsel said the firm is ready for a hearing anytime in the second quarter of 2024.
US SEC withdraws a lawyer from Ripple case
There are some changes taking place in the legal teams on both sides of the Ripple case. cryptocoin.comAs we reported, Caleb J. Robertson appeared in the US District Court for the Southern District of New York on August 22, 2023, on behalf of Ripple CEO Brad Garlinghouse.
In one recent development, the US Securities and Exchange Commission (SEC) filed a petition Wednesday to withdraw one of its attorneys in the Ripple case. In a filing dated August 23, 2022, the SEC said attorney Pascale Guerrier is no longer part of the lawsuit filed against Ripple Labs. However, he noted in the file that other previously registered lawyers continue to represent the institution. The SEC said, “Mrs. Guerrier is no longer participating in this lawsuit. The SEC continues to be represented by other attorneys registered in this matter.” said.
It’s unclear why the SEC hired a lawyer!
Meanwhile, it is unknown at this time whether the attorney intends to withdraw due to disagreements over the SEC’s position. Agency officials have come under criticism for the stringent enforcement measures it has taken against crypto businesses since the beginning of 2023. On the other hand, US lawmakers are expressing their concerns about the threat of de-dollarization in international markets.
Ripple prepares for SEC encounter
Ripple’s legal counsel stated that the firm is ready for a hearing at any time in the second quarter of 2024. Attorney Michael K. Kellogg, in an official letter addressed to Analisa Torres of the United States District Court for the Southern District of New York, stated that Ripple is ready for trial during the specified time. He also noted that there is no blackout date.
This announcement comes after a number of key developments regarding the ongoing lawsuit. Just a day ago, Ripple CEO Brad Garlinghouse strengthened his defense by recruiting two leading attorneys from the prestigious Cleary Gottlieb Steen & Hamilton LLP. Michael A. Schulman and Caleb J. Robertson have expressed their intention to represent Garlinghouse.
In the case, the parties make mutual moves
However, the road ahead is not without its challenges. The formidable regulator recently took steps to appeal an earlier ruling by Judge Torres. Earlier, the Court ruled that Ripple (XRP) sales on crypto platforms do not qualify as unregistered securities. Accordingly, he rejected the SEC’s arguments. The SEC’s appeal followed this decision.
The SEC’s efforts to file a provisional appeal were recently accepted by the US District Court for the Southern District of New York. The SEC has officially filed an appeal. However, the court has not yet allowed this. It is clear that both sides are preparing for a hearing that could be a landmark in the crypto space.
What’s next for XRP price?
Following Judge Analisa Torres’ historic Summary Ruling on the sale of XRP tokens for individual buyers, Ripple has seen a new wave of adoption in the United States. Crypto exchanges such as Coinbase and Kraken have relisted the token. In light of the July 2023 Decision, the XRP price jumped instantly. Will the next wave of price rally for the token require another regulatory development or litigation progress?
