NEW DELHI (CoinChapter.com) — Amidst the unfolding drama of the Ripple vs. SEC Lawsuit, a seismic shift has occurred as Lisa R. Zornberg, a prominent legal advocate representing Ripple Labs and its CEO Brad Garlinghouse, formally seeks to step away from the high-stakes battle.
The decisive motion for withdrawal was lodged in the District Court for the Southern District of New York on July 27, adding another layer of complexity to this closely-watched legal dispute. The move comes after Zornberg’s recent appointment as Chief Counsel by New York City Mayor Eric Adams.
Ripple Pushes for Withdrawal Approval, Assures Minimal Impact
Ripple has sought the court’s approval for Lisa R. Zornberg of Debevoise & Plimpton LLP to withdraw as attorney of record in the SEC lawsuit.
The withdrawal will become effective as of July 31, 2023. However, Ripple has stated that despite the change in representation, other attorneys from Debevoise & Plimpton LLP will continue to represent the company in the lawsuit.
The company has reassured that the departure of Zornberg will not adversely affect the interests of the defendants, including CEO Brad Garlinghouse and co-founder Chris Larsen.
With Judge Analisa Torres’ landmark ruling in the XRP SEC case, the matter has been referred to Magistrate Judge Sarah Netburn.
In a recent order, Magistrate Judge Netburn has directed both Ripple and the SEC to work toward settling any remaining issues, particularly those related to the institutional sales of XRP. The court has requested the parties to agree on three mutually convenient dates for scheduling a settlement conference.
Recent Withdrawals and XRP Price Movement
In addition to Lisa R. Zornberg, three other attorneys, Anna R. Gressel, Clayton J. Masterman, and Kylie Chiseul Kim, have been approved for withdrawal from the lawsuit. These developments have unfolded as the lawsuit appears to be reaching its conclusion.
Meanwhile, XRP’s price experienced a notable increase following the summary judgment and Ripple’s disclosure of plans. Commenting on the matter, XRP holder and lawyer John E. Deaton expressed confidence that XRP will retain its non-security status for at least two years, making it a more stable investment option.
Ripple Lawsuit’s Impact on XRP Price
As of the latest update, XRP is trading at $0.70, experiencing a slight decline of 0.60% in the past 24 hours and a 10% dip in the last week. Analysts attribute these fluctuations to profit-booking activities by whales and traders in the market.
The withdrawal of attorney Lisa R. Zornberg from the SEC vs. Ripple lawsuit marks a significant shift in the high-profile legal battle.
As Ripple continues to navigate the legal proceedings with its new legal representation, the court-ordered settlement conference signals a potential end to the prolonged dispute between Ripple Labs and the U.S. SEC.
Meanwhile, XRP’s price movements remain a subject of keen interest for investors and traders alike.
