The summary judgment in the ongoing case between the US SEC and Ripple has the cryptocurrency industry holding its breath. Ripple’s defense recently underwent a shakeup, with Attorney Kylie Chiseul Kim withdrawing from the case. This has led to increased speculation around the potential impact of the lawsuit’s outcome on the entire crypto sphere.
Kim’s withdrawal motion, filed in the Southern District of New York, clarifies that her departure has no connection to Ripple or its representatives. She is instead parting ways with the law firm Kellog, Hansen, Todd Figel & Frederick, P.L.L.C, which currently represents the crypto firm. Despite her exit, the firm, along with Debevoise & Plimpton LLP, continues to defend Ripple.
Crypto enthusiasts have taken to Twitter to voice their opinions on Kim’s sudden exit, with some questioning the potential implications for the ongoing case between the US SEC and Ripple. The outcome of the lawsuit is expected to have a ripple effect on the broader crypto industry, as emphasized by Attorney Deaton in a recent tweet.
Several commentators have speculated that should Ripple win the case, XRP could be the first cryptocurrency with regulatory clarity, which would subsequently impact others in the space. As such, Kim’s withdrawal, while unrelated to the case itself, has added fuel to the fire of speculation around the lawsuit.
While some Twitter users argue that Kim should have stayed and ponder whether the case is over, others, like user XRP Jax FL, believe she may have left because she did not want to wait for the summary judgment. Another user backs this assumption, stating, “I see this as good; she probably has been waiting for this lawsuit to finish so that she could finally switch work or corporation. She probably could not leave in the mid of this whole thing. Now that they are finally done, she can do that.”
The impact of these developments on the XRP price remains open to interpretation, with one user suggesting keeping an eye on price action before drawing conclusions. CoinmarketCap data indicates XRP’s current price at $0.4534, reflecting a 0.62% loss in the past day. However, despite the ongoing lawsuit and declining prices, network activity continues to soar.
During a recent interview at the Redefine Tomorrow 2023 summit, Ripple CEO Brad Garlinghouse revealed his expectation that a verdict may soon be released. As the legal battle wages on, the crypto community watches with great interest, waiting to see how the outcome will shape the regulatory landscape for cryptocurrencies far beyond Ripple and XRP.