One of Ripple Labs' Top Defense Lawyers Calls it Quits in U.S. SEC Lawsuit
The crypto industry awaits the summary judgment in the ongoing case between the US SEC and Ripple.
But while that stands, one of Ripple Labs Inc.’s key defense lawyers, Attorney Kylie Chiseul Kim, announced withdrawal from the case.
Kim filed a motion in the Southern District of New York indicating she is no longer linked to the law firm Kellog, Hansen, Todd Figel & Frederick, P.L.L.C, currently representing the crypto firm.
Attorney Kim’s Withdrawals Raises Eyebrows
Kylie Chiseul Kim and Clayton J. Masterman joined the Ripple legal team in 2022. The firm brought the attorneys on board as the lawsuit persisted.
According to the report, adding the two Kellog Hansen attorneys was a strategy to strengthen the Ripple legal staff.
Even though many supporters speculate that the summary judgment will occur this year, Kim's departure has raised some eyebrows.
However, the filing revealed that Kim’s departure from the case has nothing to do with Ripple and its representatives. Instead, she is leaving the law firm representing the defendants.
Regarding Ripple continuing defense, the filing stated that Kellog, Hansen, Todd Figel & Frederick, P.L.L.C, and Debevoise & Plimpton LLP attorneys would continue the battle.
Crypto Enthusiasts React To Kim’s Sudden Exit
The sudden departure of Attorney Kim has sparked missed 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 declared by Attorney Deaton in a Twitter post.
Months back, some enthusiasts stated that if Ripple wins the case, XRP will be the first crypto with regulatory clarity, also affecting many others in the space.
As such, the latest development has also sparked some speculations about the case.
Some users argue that Kim shouldn’t leave, while others ask if the case is over.
However, a Twitter user XRP Jax FL stated that the attorney might not want to wait for the summary judgment.
Another user supported the idea stating, “I see this as good; she probably has been waiting for this lawsuit to finish so that she could finally switch work or corporation. She probably could not leave in the mid of this whole thing. Now that they are finally done, she can do that."
Regarding the effect of the latest moves on the XRP price, a user suggested a look at the price action before concluding it.
Meanwhile, CoinmarketCap data shows that the XRP price is $0.4534 today, depicting a 0.62% loss in the past 24 hours.
But even with the ongoing lawsuit and price decline, activities in the network keep skyrocketing.
Ripple CEO Brad Garlinghouse announced his expectations that the verdict might be released soon in an interview at Redefine Tomorrow 2023 summit.