Major Twist: XRP Lawyer to Exit SEC vs. Ripple Legal Battle

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As the legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) intensifies, yet another legal representative for the crypto firm has sought to extricate herself from the proceedings. 

Shuffling Legal Deck Chairs

Anna R. Gressel, an erstwhile attorney for Ripple Labs and its CEO, Brad Garlinghouse, has formally petitioned the Southern District Court of New York to be relieved of her duties in the ongoing case. 

The court filing, made on July 12, highlights Gressel’s intentions to step back from her position as counsel for the defendant, Ripple Labs. This move coincides with her departure from Debevoise & Plimpton LLP, the law firm representing Ripple in this case.

As the legal landscape changes, Ripple has respectfully asked the court to approve Gressel’s withdrawal as the company’s attorney of record in the SEC lawsuit. The request isn’t unexpected; Gressel’s professional ties with Debevoise & Plimpton LLP have been severed since July 12. 

A Continuous Legal Representation

Despite Gressel’s exit, Ripple will continue to receive legal representation from other attorneys affiliated with Debevoise & Plimpton LLP. Ripple remains adamant that the departure of Gressel will bear no negative consequences for the defendants, which include the firm’s CEO, Brad Garlinghouse, and co-founder Chris Larsen.

Gressel is not the first attorney to part ways with the ongoing case. Ripple’s legal team has previously seen the withdrawal of attorneys Clayton J. Masterman and Kylie Chiseul Kim. Ripple, in response to these departures, reassured its stakeholders that these changes had no detrimental impact on the lawsuit’s proceedings.

The Ripple Effect on Investors

The unfolding drama hasn’t been lost on XRP investors, who are keeping a close eye on the developments. They are reportedly positioning themselves in anticipation of a ruling in the SEC-Ripple case. Market data analysis firm, Kaiko, has noted an uptick in XRP’s trading volume, with the cryptocurrency currently holding the third spot. 

The rise is indicative of a strategic positioning by investors, in anticipation of the verdict in the case. The report also highlighted a remarkable surge in XRP’s trading volume on Korean exchanges.