A recent development in the ongoing confrontation between the US Securities and Exchange Commission (SEC) has led to the withdrawal of another Ripple lawyer from the lawsuit, the recent court registrations to reveal. This comes after a motion was filed archived earlier in the month for Anna R. Gressel to step down as defendant Ripple Labs’ attorney.
This recent pullback has cast a shadow of uncertainty as XRP holders reflect on the likely impact of this development.
Ripple Remains Optimistic Despite Lawyer Withdrawal
According to details in the submit Filed July 27 in the District Court for the Southern District of New York, Ripple is asking for the court’s permission to withdraw Lisa R. Zornberg as attorney for the defendants in the ongoing XRP vs. SEC lawsuit.
Ripple is appealing to the court to allow Lisa R. Zornberg of the popular Debevoise & Plimpton LLP to step down as attorney in the lawsuit. This in light of the fact that starting July 31, Lisa R. Zornberg will no longer work at the law firm.
The chief federal prosecutor was appointed Chief Counsel of City Hall earlier this week by New York City Mayor Eric Adams. However, this move will not affect Ripple’s relationship with Debevoise & Plimpton LLP in any way, as other lawyers from the company will continue to represent Ripple Labs in the case.
Ripple has also reiterated that the withdrawal of Lisa R. Zornberg does not harm its interests in any way, including those of CEO Brad Garlinghouse and co-founder Chris Larsen.
It is also important to note that the court had previously approved retreating movements for three attorneys Kylie Chiseul Kim, Clayton J. Masterman and Anna R. Gressel to end the lawsuit.
Lawyer withdraws as case comes to an end
The withdrawal of Lisa R. Zornbergs comes in the wake of Judge Analisa Torres’ referral of the lawsuit to Magistrate Judge Sarah Netburn. Magistrate Judge Netburn instructed the SEC and Ripple to agree on three mutually convenient dates to hold a settlement conference on things like institutional sales of XRP.
The price of XRP witnessed a surge in the aftermath of the Summary judgment introduced in favor of Ripple. The plans unveiled by Ripple have also helped bolster investor confidence as demand for XRP continues to grow among institutional investors.
XRP is currently trading at $0.071, down 0.5% in the last 24 hours according to data from CoinGecko. However, the current price is 33% higher than the opening July price of $0.47.
XRP price is 33% higher compared to July lows | Source: XRPUSD on Tradingview.com
Featured image from iStock, chart from Tradingview.com