• Three lawyers representing the United States Securities and Exchange Commission (SEC) have withdrawn from the lawsuit with Ripple Labs.
• The SEC has been granted permission to add two attorneys to its legal team.
• XRP supporters are expressing increasing confidence that Ripple will bag full victory in the case against the SEC’s interlocutory appeal.
Ripple’s Legal Battle: SEC Attorneys Step Down
The US SEC has seen an exodus of its lawyers in its case against Ripple Labs, as three lawyers identified as Pascale Guerrier, Richard Best, and Robert MacDonald Moye have withdrawn from the proceedings. Attorney Guerrier’s withdrawal was granted by Judge Analisa Torres, while Best’s withdrawal was also approved due to medical leave. The U.S regulator was then granted permission to add two attorneys to its legal team namely Marc J. Jones and Peter Bryan Moores. Moreover, Attorney Michael A. Schuman was approved for Ripple’s Chief Executive Officer Brad Garlinghouse on this same day.
Interpretations of Lawyers‘ Exits
The XRP community has given many interpretations for the exit of these lawyers from the lawsuit with Ripple Labs and its executives. Some crypto enthusiasts claimed that these lawyers do not want their names tied to the wrong side of history, while others said that they are quitting before the ship appears to be sinking.
Growing Confidence Among Supporters
The recent events have sparked a growing confidence among supporters that Ripple will emerge victorious even in face of the SEC’s interlocutory appeal against Judge Torres’ ruling that XRP is not security. Less than one month after this federal judge’s ruling and even before the SEC started seeking an interlocutory appeal, pro-XRP lawyer John Deaton expressed his confidence in a possible win for Ripple against this appeal motion by stating how Judge Torres had taken each case into consideration rather than making a general distinction between different sales of XRP out of thin air .
SEC In Difficult Position
Deaton further identified that due to Judge Torres‘ methodical approach towards her rulings, it has putt he U S EC in a difficult position when it comes to appealing her decision on whether or not XRP is a security token or not .
In conclusion , it appears that there is an increasing optimism among supporters regarding Ripple Laboratories‘ chances at ultimately emerging victorious from their current battle with US regulators over their cryptocurrency token , X RP . With more attorneys stepping aside from representing th e US SE C , confidence seems only t o be mounting among those who support decentralised digital assets such as X RP .