The crypto industry awaits summary judgment in the ongoing lawsuit between the Securities and Exchange Commission (SEC) American and Ripple.
But in the immediate term, one of Ripple Labs Inc.’s leading defense attorneys, attorney Kylie Chiseul Kimannounced his withdrawal from the case.
Kim filed a motion in the Southern District of New York stating that she is no longer related to the law firm Kellog, Hansen, Todd Figel & Frederick, PLLCcurrently representing the crypto company.
The lawyer’s withdrawal raises questions
Kylie Chiseul Kim and Clayton J. Masterman have joins Ripple’s legal team in 2022. The firm called in the lawyers as the trial dragged on.
Reportedly, the addition of Kellog Hansen’s two attorneys was a strategy to strengthen Ripple’s legal staff.
However, the filing revealed that Kim’s departure from the case had nothing to do with Ripple, but that she was leaving the law firm representing the defendants.
Regarding Ripple’s defense suit, the filing stated that attorneys for Kellog, Hansen, Todd Figel & Frederick, PLLC and Debevoise & Plimpton LLP would continue to represent Ripple in this legal battle.
Reactions from the crypto community to Kim’s departure
Attorney Kim’s sudden departure sparked strong reactions on Twitter.
This is not surprising given that the outcome of the case between the US SEC and Ripple will affect the entire crypto industry, as the lawyer said. John Deaton in a twitter post.
A few months earlier, some enthusiasts declared that if Ripple won the case, XRP would be the first cryptocurrency on the market with a clear regulatory statusalso affecting many other tokens in the space.
As such, the latest development has also caused a lot of speculation.
Some users support the idea that Kim should not leave, while others question the conclusion of the affair.
However, a Twitter user XRP Jax FL has declared that counsel may not want to wait for summary judgment.
another user supports this idea: “I see this as a good thing; she probably waited for the end of this trial to finally be able to change her job or company. She probably couldn’t leave in the middle of it all. Now that the case is coming to an end, she can do it.”
Regarding the impact of this news on the XRP price, a user has suggested observe price movements before drawing conclusions.
Meanwhile, data from CoinmarketCap show that the price of XRP is $0.4607 today, which represents a loss of 2.38% in the last 24 hours.
But even with the ongoing lawsuit and falling prices, transactions on the network continue to soar.
Ripple CEO, Brad Garlinghouseannounced that he expected the verdict to be delivered soon in an interview at the top Redefine Tomorrow 2023.
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