Ripple's Lawyer Pulls Out, Is the SEC the Winner?


 "Don't worry, maybe Ripple is already prepared if suddenly there is a problem like this."

The legal battle between Ripple (XRP) and the United States (US) Securities and Exchange Commission (SEC) is on the verge of receiving Summary Judgment, but the defendants suffered a major blow when one of their lawyers filed to withdraw from the case.

Through court filings, Attorney Kylie Chiseul Kim filed a letter to withdraw as counsel for XRP and the court has granted the motion however Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP are still counsel for the defendant.

Kim's lawyers have acted as the entire cryptocurrency market including investors eagerly await the release of documents related to Hinman's public speech.

Despite that, both parties have submitted a joint letter to request the court to disclose the document on 13 June 2023.

It is widely known that the joint letter was his first request to extend the deadline on the memo regarding Hinman's speech after it required extensive redaction.

Earlier, previous court filings had reportedly revealed SEC staff had discussions about the nature of XRP.

Explained further, XRP's lawyers revealed that the digital asset is not a security at all following the footnote* showing that there are several reasonable grounds that could conclude XRP fails to meet the Howey Test.

*additional information printed at the bottom of the page

As of this writing, XRP price has plunged by 2.31% to $0.45 in the last 24 hours with a market cap of $1 billion but is still up 1.24% over the past week.