SEC v. Ripple: Attorneys leave SEC side, both groups add new lawyers
Multiple attorneys have moved in and out of the lawsuit between Ripple Labs, its executives and the United States Securities and Exchange Commission, as signified by court filings on Aug. 23.
The latest motions filed were requesting permission to withdraw attorneys Richard Best and Robert MacDonald Moye from the trial, with the former having the motion immediately granted due to extended medical leave. Moye’s withdrawal is still pending a decision from Judge Analisa Torres.
Earlier the same day, a motion was filed for attorney Pascale Guerrier to be dismissed from the case. This request was also promptly granted by the judge.
In a game of legal musical chairs, also on Aug. 23, Judge Torres approved attorney Michael A. Schulman for Brad Garlinghouse, CEO of Ripple, along with attorneys Marc J. Jones and Peter Bryan Moores to represent the SEC.
In response to the changes, the crypto community has taken its opinions to social media.
Some users remarked that the attorneys leaving the side of the SEC “don’t want their name tied to the wrong side of history.” Another commented on the timing, saying:
SEC has lawyers quitting before the ship sinks completely
— XRPcryptowolf (@XRPcryptowolf) August 23, 2023
However, some don’t find the situation as pressing. Prominent crypto lawyer John E. Deaton responded that these changes “mean nothing” in the grand scheme of the case.
This means nothing. Guerrier could be reassigned or could be leaving the SEC. She started working more on the Ripple case after Tenreiro got a promotion (although he still is in charge of the case) and Attorney Bliss left the SEC to go work for BlockFi. Tenreiro had Guerrier…
— John E Deaton (@JohnEDeaton1) August 23, 2023
Deaton also recently commented on the effects of the ongoing legal activities between the SEC and Ripple, saying that the lawsuit has cost XRP 3 years of adoption.
He argued that there have been multiple instances of big entities in the crypto space, such as Coinbase, contacting the SEC for regulatory clarification prior to listing XRP but didn’t face any objections.
Related: Gen Z in South Korea prefers XRP and other altcoins to BTC and ETH: Report
Recently, the CTO of Ripple, David Schwartz, commented on the situation and highlighted its complexity after the SEC’s motion to appeal was granted. He said it is seeking an appeal at this specific point due to its own interpretation of the case not being yet concluded.
The lawsuit against Ripple is not the only crypto-related case the SEC is involved in at the moment.
It has long-standing involvement in a case against the cryptocurrency exchange Coinbase, which has recently received support from Senator Cindy Lumis for the exchange’s dismissal motion against the SEC.
The exchanges Gemini and Binance.US both have ongoing legal matters involving the financial regulator.
The SEC has continued its aggressive clamp down on the crypto space with a new charge against the crypto investment manager Titan, on Aug. 21 for misleading advertising claims.
On Aug. 23 it also charged a former U.S. corrections officer for having a role in a pump-and-dump-like crypto scam.
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