HomeNewsNavigating the Crypto Storm: SEC Chair Gensler's Concerns Precede Senate Hearing

Navigating the Crypto Storm: SEC Chair Gensler’s Concerns Precede Senate Hearing

- Advertisement -
  • Anna R. Gressel, a notable attorney for Ripple Labs, has filed a motion to withdraw from the ongoing Ripple vs. SEC lawsuit.
  • Despite these changes, Ripple and the XRP community maintain their confidence in winning the lawsuit, with a summary judgment expected in September.

In the ongoing Ripple vs. SEC lawsuit, the latest development has caused a stir in the legal and cryptocurrency circles. Anna R. Gressel, a prominent attorney representing Ripple Labs, has put forth a motion to withdraw from the lawsuit, marking an unanticipated turn in the case.

The Impact of Legal Shuffling

In legal battles of this magnitude, changes in representation can sometimes be perceived as instability. However, Ripple Labs has been quick to allay any concerns. The motion, filed in the Southern District Court of New York on July 12, outlines Gressel’s disassociation from the law firm Debevoise & Plimpton LLP, Ripple’s primary legal representation, as the reason for her withdrawal.

- Advertisement -

It’s critical to note here that Gressel’s withdrawal does not signal a shift in Ripple’s legal strategy or a reduction in their defense. Ripple Labs has reassured all parties that Gressel’s departure will not affect the outcome of the lawsuit or the interests of defendants, including CEO Brad Garlinghouse and co-founder Chris Larsen. Other attorneys from Debevoise & Plimpton LLP will continue their staunch representation of Ripple Labs.

On the Heels of the Decision

As the case draws near a pivotal point, it is not unusual for legal teams to adjust their strategy. Gressel’s withdrawal follows that of attorneys Clayton J. Masterman and Kylie Chiseul Kim. Ripple’s response has consistently been to clarify that these changes do not negatively impact the course of the lawsuit.

The XRP community and Ripple executives continue to express confidence in a favorable outcome against the US SEC. Yet, the delay in summary judgment has generated a certain level of frustration within the community. Legal experts, like pro-XRP lawyer John Deaton and Ripple CTO David Schwartz, indicate that the final decision should be expected within two months, adhering to Judge Analisa Torres’ previous track record of not exceeding nine months for a final ruling.

- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img