A recent development in the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) has left XRP holders uncertain, as another attorney representing Ripple withdraws from the lawsuit.
Court filings reveal that Lisa R. Zornberg is seeking permission to withdraw as an attorney for Ripple Labs, further adding to the complexity of the case.
Read Also: Ripple CTO Schwartz Points Up Why SEC Cannot File Immediate Appeal Against XRP Victory
Ripple’s Request for Attorney Withdrawal
Ripple has filed a motion at the District Court for the Southern District of New York, requesting the court’s approval to allow Lisa R. Zornberg from Debevoise & Plimpton LLP to withdraw as an attorney. The reason for this withdrawal is Zornberg’s upcoming departure from the law firm by the end of July.
Despite this change, Ripple’s relationship with Debevoise & Plimpton LLP remains unaffected, as other attorneys from the firm will continue to represent Ripple Labs in the lawsuit. Ripple has reassured stakeholders, including CEO Brad Garlinghouse and co-founder Chris Larsen, that this attorney withdrawal will not impact their interests.
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This recent withdrawal follows the approval of withdrawal motions for three other attorneys previously involved in the case: Kylie Chiseul Kim, Clayton J. Masterman, and Anna R. Gressel.
In a significant development, Judge Analisa Torres referred the lawsuit to Magistrate Judge Sarah Netburn, who instructed both parties to schedule a settlement conference. The conference aims to address issues related to institutional sales of XRP.
Read Also: Bank of America Raises Concerns Over Impact of Ripple-SEC Lawsuit Ruling on Crypto Regulations
Ripple’s Resilience and XRP’s Price
Despite the legal challenges, Ripple has maintained a positive outlook, and its recent summary judgment in favor of Ripple has boosted investor confidence. The company’s plans and announcements have garnered support, particularly among institutional investors, contributing to the resilience of XRP.
As per CoinGecko data, XRP is currently trading at $0.071, experiencing a slight 0.16% decrease in the last 24 hours.
As the SEC lawsuit against Ripple continues to unfold, the withdrawal of another attorney adds a layer of uncertainty to the future of XRP. XRP holders and market observers will closely watch the developments in this high-stakes legal battle.
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