In a recent development, Lawyer Kylie Chiseul Kim has been granted permission to withdraw as counsel for Ripple Labs, a move that could potentially impact the company’s legal position, according to reports. This decision by the Southern District Court of New York has raised concerns about Ripple’s defense strategy in the ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
Defense lawyer James Filan has confirmed the granting of Kim’s motion to withdraw, adding further uncertainty to Ripple’s legal situation. Meanwhile, the industry eagerly awaits the judgment on the Summary Judgment motion in the SEC lawsuit, as the outcome will shape the course of the legal battle.
This withdrawal of counsel raises questions about the future direction of Ripple’s defense strategy and the impact it may have on the outcome of the case. The role of Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will be crucial in shaping Ripple’s defense strategy moving forward.
Motion to withdraw granted.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 1, 2023
In addition, the release of the Hinman speech documents is set for June 13, 2023, providing an intriguing aspect. These documents, related to a 2018 speech by the former SEC official William Hinman, could potentially shed light on the SEC’s stance and intentions regarding the classification of cryptocurrencies.
Pro-XRP lawyer John Deaton recently said, “SEC lawyers can engage in denial all they want as to why the emails were ruled discoverable, but the truth is that had SEC enforcement lawyers honored the truth, the documents would likely not be seeing the light of day come June 13.”
The Ripple case’s implications extend beyond XRP and Ripple itself. The court’s decision will influence the interpretation of the Howey Test, a landmark case from the 1940s that defines what constitutes a security.
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