The post Major Shift in Ripple Vs. SEC Lawsuit as Lead XRP Lawyer Departs appeared first on Coinpedia Fintech News The never-ending tango of the Ripple vs. US SEC lawsuit takes an abrupt turn as Ripple’s top attorney, Lisa R. Zornberg, departs from the legal battlefield. The abru...
The post Major Shift in Ripple Vs. SEC Lawsuit as Lead XRP Lawyer Departs appeared first on Coinpedia Fintech News
The never-ending tango of the Ripple vs. US SEC lawsuit takes an abrupt turn as Ripple’s top attorney, Lisa R. Zornberg, departs from the legal battlefield. The abrupt withdrawal follows her appointment as Chief Counsel by NYC Mayor Eric Adams. This sudden departure has stirred the waters of the ongoing Ripple lawsuit and left the crypto community on the edge of their seats.
The legal dueling grounds, the District Court For the Southern District of New York, have been left echoing with the news of Lisa R. Zornberg’s withdrawal. After tirelessly battling in favor of Ripple Labs and their CEO Brad Garlinghouse, Zornberg made a formal request to the court to step down from the case. With her departure effective July 31st, Ripple Labs will be left under the care of other attorneys from Debevoise & Plimpton LLP.
Ripple in the Pond
Zornberg’s abrupt withdrawal leaves questions looming in the air: will this impact Ripple’s case against the SEC? Ripple assures us not. They assert that the defendants, including CEO Brad Garlinghouse and co-founder Chris Larsen, will not suffer any adverse impacts due to her withdrawal. However, the magnitude of such a development in a case of this size can’t be downplayed.
For Zornberg, her withdrawal comes as a segue into a new role. Recently appointed by New York City Mayor Eric Adams, Zornberg now holds the title of City Hall Chief Counsel. From battling in the courtrooms over cryptocurrency to shaping policy in the heart of New York City, her career has taken quite the leap.
The Ripple Effect on XRP
The Ripple lawsuit has created ripple effects on the value of XRP, which saw a spike following the summary judgment and future plans revealed by Ripple. Despite a slight decrease in value recently due to profit booking by whales and traders, XRP’s price currently hovers around the $0.70 mark.
Prominent XRP holder and lawyer, John E. Deaton, expressed confidence, stating that even if SEC Chair Gary Gensler plans for an appeal, XRP would remain a non-security for at least the next two years.