MEXCBreaking: Ripple Counsel Withdraws From Case; US SEC To Gain Upper Hand?
XRP Lawsuit: The legal tussle between Ripple Labs and U.S. Securities and Exchange Commission (SEC) is moving close to receiving a summary Judgment. In the latest development, which seems like a big blow for the defendants, one of their attorneys has filed to withdraw from the case.
Also Read: Ripple CEO Expects XRP Lawsuit Verdict Soon
Will This Move Affect Ripple?
As per court filings, Attorney Kylie Chiseul Kim has filed the letter to withdraw as counsel for Ripple Labs. It stated that Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will continue to be counsel for the defendants. However, the court has granted the motion.
This move comes in when the crypto industry is eagerly waiting for the public release of the infamous Hinman speech linked documents. However, both parties submitted a joint letter seeking one week extension until June 13 to file public versions of the vital documents. This also includes unredacted cross motions for summary judgment.
The joint letter stated this is the first request to extend the deadline in the matter of Hinman speech linked memos. It highlighted that the relaxation is needed due to the “voluminous nature of the materials and redactions.” However, the court granted the motion. Read More XRP lawsuit News Here…
Also Read: Tons Of Server May Get Hit If XRP Ledger Passes These Amendments
Hinman Docs Is The Key?
Earlier, Coingape reported that the prior court filing revealed that SEC staff had a discussion over the nature of the XRP token.
XRP holders’ lawyer mentioning a footnote from the defendant’s opposition and reply briefs against the US SEC concluded that XRP was never a security. As per the footnote, there are several reasonable grounds that conclude that Ripple’s native token fails to satisfy all prongs of the Howey test, thus it is not a security.
However, the crypto linked firms and leaders kept an on the release of the Hinman speech documents which reflected that Ether (ETH) is not a security.
- Pi Network Dedicates 350,000 Active Nodes for AI With OpenMind Partnership
- Breaking: Trump Cuts Tariffs as US-China Reaches 1-Year Trade Deal, Bitcoin Rebounds
- Binance Responds to Charges of Supporting Trump-Family Crypto USD1 and WLFI Soon After CZ Pardon
- SpaceX Makes Third Huge Bitcoin Transfer in 10 Days, Is Elon Musk Planning Something Big?
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
