Ripple’s Legal Battle: SEC Attorneys Step Down, New Lawyers Enter Arena
• Three lawyers representing the United States Securities and Exchange Commission (SEC) in a lawsuit with Ripple Labs have withdrawn from the case.
• The SEC has since replaced the lawyers with two new attorneys and granted approval for Ripple’s CEO Brad Garlinghouse to add an attorney to his legal team.
• XRP supporters have expressed optimism that Ripple will win the case despite the SEC filing an interlocutory appeal against Judge Torres‘ ruling that XRP is not security.
SEC Lawyers Step Down
The US SEC has been seeing an exodus of its lawyers in its case with Ripple Labs. In a new turn of events, three lawyers identified as Pascale Guerrier, Richard Best, and Robert MacDonald Moye representing the United States Securities and Exchange Commission (SEC) have withdrawn from the lawsuit with Ripple Labs and its executives. According to an August 23 court initial filing, Attorney Guerrier requested permission for him to be dismissed from the case. Later the same day, another motion was filed to remove Richard Best and Robert MacDonald Moye from the proceedings. Unlike Best who immediately received approval on the grounds of medical leave, Moye’s withdrawal is still pending.
New Attorneys Join SEC Team
The U.S. regulator has since gotten approval to add two attorneys to its legal team namely Marc J. Jones and Peter Bryan Moores. Markedly, on this same day, Judge Torres approved Attorney Michael A. Schuman for Ripple’s Chief Executive Officer Brad Garlinghouse.
Some crypto enthusiasts and pro-XRP entities are beginning to create a narrative behind the attorneys’ decision to step aside while the SEC seeks an interlocutory appeal against Judge Torres’ ruling that XRP is not security. One X (formerly Twitter) user claimed that these lawyers do not want their names tied to the wrong side of history while another said that they were quitting before “the ship appears to be sinking” for good measure.
XRP Supporters Express Optimism
The latest events suggest a growing confidence and optimism among supporters that Ripple Labs will bag full victory even in the face of the SEC’s interlocutory appeal before it was given approval by Judge Torres on August 23rd 2020.. Pro-XRP lawyer John Deaton reiterated his confidence that Ripple will snag a victory against the regulator’s appeal explaining why he believes so as well as how Judge Torres had not made any distinction between different sales of XRP out of thin air but rather took each condition into consideration when making her ruling.
Overall, XRP supporters remain confident in their chances at snagging a complete victory despite recent developments involving some high ranking members stepping down from their positions within this particular legal battle between them and one of America’s leading financial regulators – The United States Securities & Exchange Commission (SEC).