About the Recent Departure of Attorneys from the SEC vs. Ripple Case
Two more attorneys have withdrawn from representing the US SEC in its lawsuit against Ripple over XRP offerings.
- Attorneys Richard Best and Robert MacDonald Moye requested to withdraw from the case.
- Richard Best’s motion was granted immediately due to extended medical leave.
- Robert MacDonald Moye is waiting for a decision from Judge Analisa Torres.
- Previously, attorney Pascale Guerrier was also dismissed from the case.
- Speculation suggests lawyers are leaving in anticipation of the regulator losing the lawsuit.
Perspectives on the Departure of Attorneys
There is no solid indication that the lawyers’ departure indicates an impending loss for the SEC. Crypto Law founder John E. Deaton suggests that Pascale Guerrier could have been reassigned or voluntarily left the SEC. Some changes in personnel have been observed, such as promotions and departures, which may explain the attorney shifts.
- Tenreiro received a promotion and Attorney Bliss left the SEC for BlockFi.
- Tenreiro assigned Guerrier to argue the Hinman speech documents’ oral argument.
- Guerrier seemed unprepared during the court proceedings.
- Judge Netburn expressed disapproval of the SEC’s conduct.
- Deaton believes a responsible leader would have faced the situation directly.
The SEC vs. Ripple Lawsuit
The SEC has filed a lawsuit against Ripple Labs Inc., alleging that Ripple’s sale of XRP violates federal securities laws. The SEC argues that XRP is an investment contract rather than a currency, giving holders a stake in Ripple’s future profits. Ripple denies these allegations, claiming that XRP is a decentralized cryptocurrency.
- Ripple allegedly misled investors about the status and utility of XRP.
- The SEC argues that XRP should be classified as a security.
- Ripple contends that the SEC’s lawsuit is based on a flawed interpretation of the law.
- The outcome of the lawsuit is significant for Ripple and the crypto industry.
- It could affect the regulation of other cryptocurrencies in the US.
Hot Take
The departure of attorneys from the SEC vs. Ripple case has sparked speculation and discussions among the crypto community. While it is unclear how this will impact the trial’s outcome, it highlights the contentious nature of the lawsuit and the potential implications for Ripple and the broader crypto industry. The resolution of this case could have far-reaching effects on how digital assets are regulated in the United States.
By
By
By
By