There has been a last-minute development in Ripple Labs’ ongoing lawsuit against the SEC. Kylie Chiseul Kim, a key defense attorney in the case, filed a petition to withdraw from the case. The lawyer cited his departure from the law firm representing Ripple as the reason.
Ripple defense lawyer withdraws from the case!
The U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. Ripple’s defense attorney, Kylie Chiseul Kim, filed a petition with the Southern District of New York to withdraw from the lawsuit. Kim has been a key legal figure in this ongoing case. So his withdrawal raises some questions. However, he stated in his petition that his exit was due to his breakup with the law firm Kellogg, Hansen, Todd, Figel & Frederick, PLLC, which currently represents Ripple Labs.
Kim’s decision to leave comes almost a year after she and fellow attorney Clayton J. Masterman joined Ripple’s legal team in July 2022. This happened amid the escalating SEC lawsuit against Ripple, its CEO Brad Garlinghouse, and its co-founder Christian Larsen. At the time, the inclusion of these people was perceived as a move to strengthen Ripple’s defense against the SEC. Meanwhile, following Kim’s withdrawal, Kellogg, Hansen, Todd, Figel & Frederick, the rest of the legal team at PLLC, will continue to represent Ripple Labs in this case, along with counsel from Debevoise & Plimpton LLP.
Crypto Twitter didn’t see the development as too important
The news of Kim’s departure sparked mixed reactions in the Twitter world. The unexpected move has many people thinking about its potential implications for the ongoing litigation. The consensus among users is that Kim’s departure was a professional transition. In addition, users think that there is no indication of any fundamental change in the course of the case.
A section of Twitter users speculated that Kim may have waited for the case to be resolved before embarking on her new career move. However, these speculations remain conjecture as no confirmation has come from Kim himself. We have yet to see the effects of this change in Ripple Labs’ legal team on Ripple. That said, for now it looks like business as usual for defense as they continue their legal battles with the SEC.
Will this move affect Ripple?
This move comes at a time when the crypto industry is eagerly awaiting the public release of documents linked to the famous Hinman speech. However, as you follow on Kriptokoin.com, both parties submitted a joint letter requesting a one-week extension until June 13 to file public versions of vital documents. This also includes the unedited crossover motions for the summary decision.
In the joint letter, it was stated that this was the first request for an extension on the notes linked to the Hinman speech. In the letter, it was emphasized that there was a need for an extension of time due to the “voluminous nature of the materials and redactions”. The court accepted this request.
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