Lisa R. Zornberg seeks to withdraw from Ripple vs. SEC lawsuit
Lisa R. Zornberg, the attorney representing Ripple Labs in the legal battle with the SEC, has requested approval from the court to withdraw from the case. This follows her appointment as the New York Chief Counsel by Mayor Eric Adams. Ripple has asked the court to grant Zornberg’s request, stating that her withdrawal will not affect the interests of the defendant or the other attorneys involved in the case.
Zornberg would be the fourth attorney to withdraw from the case
Zornberg is not the first attorney to withdraw from the Ripple vs. SEC lawsuit. If her motion is approved, she will be the fourth attorney to pull out of the case as it nears its end. The court has previously approved withdrawal motions from three other attorneys who were no longer associated with the law firm representing Ripple.
Ripple and SEC ordered to schedule a settlement conference
Magistrate Judge Sarah Netburn has ordered Ripple and the SEC to schedule a settlement conference. The judge has asked both parties to provide three mutually convenient dates for the conference. The settlement conference must be fixed at least six to eight weeks in advance, as last-minute requests cannot be accommodated.
Uncertainty over SEC’s appeal and Ripple’s response
It remains uncertain if the SEC will appeal Judge Torres’ ruling on XRP’s status as a security. However, the agency has hinted at the possibility in a separate filing against Terraform Labs. Ripple’s legal chief, Stu Alderoty, believes that an appeal by the SEC may affirm and amplify the judge’s decision.
Hot Take
The withdrawal of Lisa R. Zornberg from the Ripple vs. SEC lawsuit adds to the list of attorneys who have stepped away from the case. This development, along with the order for a settlement conference, indicates that the legal battle is nearing its conclusion. The potential appeal by the SEC adds another layer of uncertainty to the outcome. As the crypto community closely watches these developments, the final resolution of the case will have significant implications for Ripple and the broader cryptocurrency industry.
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