Ripple VS SEC lawsuit: The SEC Files Motion to Withdraw One if it’s Attorney – Here’s What Next

The post Ripple VS SEC lawsuit: The SEC Files Motion to Withdraw One if it’s Attorney – Here’s What Next appeared first on Coinpedia Fintech News

In the ongoing prolonged Ripple XRP lawsuit, the SEC has made a change in its legal team. A recent development saw the U.S. Securities and Exchange Commission (SEC) taking steps to withdraw one of its attorneys from the legal proceedings.

This new development collides with Ripple’s CEO Brad Garlinghouse being represented by a new attorney named Caleb J. Robertson. The SEC mentioned that the attorney they’re removing is no longer part of the lawsuit against Ripple Labs. But the rest of their legal team remains in the case.

The filing read, “Ms. Guerrier is no longer participating in this matter. The SEC continues to be represented by the other counsel of record in this matter.”

It was earlier reported by Coinpedia that Garlinghouse has hired a new lawyer for the XRP lawsuit in the U.S. District Court. This comes after the SEC applied for permission to appeal in the case.

In a document from August 22, 2023, attorney Caleb J. Robertson from Cleary Gottlieb Steen & Hamilton LLP represented Garlinghouse and asked the court for relevant documents. Attorney Michael A. Schulman also joined them in requesting permission to represent Garlinghouse.

Back in December 2020, the SEC took legal action against Ripple and its leaders. They claimed that the sale of XRP was like selling unregistered securities, totaling more than $1.38 billion.

The SEC said the XRP sale was like selling securities, but Judge Analisa Torres disagreed and dismissed the claims. This was considered a landmark ruling for the cryptocurrency investors and the market because it might help future cases.

Shifting focus to XRP-related updates, a significant stride is the expansion of XRP through on-demand liquidity. The partnership between Triangle and the crypto payment giant BitPay has led to the acceptance of XRP direct payments by about 30 merchants.

Esteemed names like AMC Theaters and Newegg are among these merchants, indicating an increasing real-world adoption of XRP. Ripple’s stake in Triangle further underscores the potential for broader XRP integration.