There is a new development in the lawsuit between Ripple and the US financial watchdog, the SEC. Lisa R. Zornberg, a senior attorney for Ripple, has asked to withdraw from the case. This happened after the judge, Analisa Torres, made an important ruling. Then another judge, Sarah Netburn, asked Ripple and the SEC to resolve other parts of the lawsuit.
What does this mean?
On July 27, Ripple filed a motion in New York’s Southern District Court for the resignation of their attorney, Lisa R. Zornberg. Ripple requested the court to allow Lisa R. Zornberg of law firm Debevoise & Plimpton LLP to step down as lead attorney in the lawsuit against the US SEC. This move follows the announcement that Zornberg is no longer part of the said law firm as of July 31.
Other lawyers from Debevoise & Plimpton LLP will continue to represent Ripple Labs in the dispute. Ripple underlines that Zornberg’s withdrawal will not adversely affect the interests of the defendants, including CEO Brad Garlinghouse and co-founder Chris Larsen.
As the lawsuit between Ripple and the US SEC draws to a close, several attorneys have opted out. In addition to Lisa R. Zornberg, Anna R. Gressel, Clayton J. Masterman and Kylie Chiseul Kim also received court approval to withdraw from the lawsuit.
Price of XRP Stabilizes After Initial Rise: SEC Appeal Casts Shadow on the Market
The XRP price saw a significant increase following the announcement that the judge had not declared XRP a security. The coin reached a high of $0.93 following this news. However, after this rapid increase, the price stabilized and a small correction occurred. Currently, XRP price is hovering around a stable point around USD 0.71.
This price movement reflects the influence of legal developments on the cryptocurrency markets. However, it’s important to note that the increase may have been limited by uncertainty about whether the SEC would appeal the decision. While the ruling on XRP was favorable, the possibility of an appeal by the SEC may have caused some doubt among investors. This uncertainty may explain why the price increase has not continued.
In conclusion, the lawsuit against Ripple by the US SEC has seen many developments, including the withdrawal of several lawyers such as Lisa R. Zornberg. While these changes are noteworthy, they are unlikely to have a major impact on the progress of the case.
The recent rise in the XRP price shows that the market is responding positively to favorable legal rulings, but the possibility of an appeal by the SEC may create a degree of uncertainty for the foreseeable future.
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