- Legal Reshuffle: In the ongoing Ripple vs. SEC lawsuit, multiple attorneys have recently exited and entered, as revealed by the latest court filings.
- Community Reactions: The crypto world responds diversely to these changes, with some speculating about the implications and others downplaying their significance.
The Ripple Lawsuit: Changes in the Legal Landscape
On August 23, the court filings brought to light a significant shuffle in the legal teams of the ongoing lawsuit between Ripple Labs, its top brass, and the U.S. Securities and Exchange Commission (SEC).
Richard Best, one of the attorneys representing the SEC, saw an immediate nod to his exit motion, attributed to prolonged medical leave. Another attorney on the SEC’s side, Robert MacDonald Moye, has also sought permission to step down, with Judge Analisa Torres yet to rule on this. Earlier in the day, a withdrawal motion was filed for attorney Pascale Guerrier, which was swiftly sanctioned by Judge Torres.
Adding to the legal reconfigurations, Michael A. Schulman is now set to represent Brad Garlinghouse, Ripple’s CEO. Meanwhile, the SEC’s legal battalion welcomes Marc J. Jones and Peter Bryan Moores.
The crypto sphere is buzzing with diverse opinions on these transitions. Some believe that the SEC’s attorneys are strategically distancing themselves, with one online observer noting they
“don’t want their name tied to the wrong side of history.”
Conversely, a seasoned crypto attorney, John E. Deaton, expressed that these shifts bear little weight in the overarching narrative of the case. Expanding on the lawsuit’s broader impact, Deaton underlined its toll on XRP, contending that the legal tussle set XRP’s adoption back by three years.
Adding more layers to the discourse, Ripple’s CTO, David Schwartz, shed light on the intricacies of the lawsuit, especially after the SEC’s green light to appeal. He postulated that the regulator’s decision to appeal now stems from its own evolving understanding of the case.
However, the legal saga doesn’t end with Ripple. The SEC is concurrently navigating the crypto waters with multiple legal actions. Notably, the cryptocurrency exchange, Coinbase, which has found an ally in Senator Cindy Lumis, advocating for the exchange’s dismissal motion against the SEC. Other major players, Gemini and Binance.US, are also entangled in legal intricacies with the financial watchdog.
Further exemplifying its vigilant approach, the SEC recently indicted the crypto investment manager Titan on August 21 over deceptive advertising practices and, two days later, prosecuted a former U.S. corrections officer for partaking in a crypto fraud reminiscent of pump-and-dump schemes.