Amid the enduring legal battle known as the Ripple VS SEC lawsuit, the U.S. Securities and Exchange Commission (SEC) has made a surprising move in its legal representation. One of the SEC’s attorneys is no longer part of the proceedings against Ripple Labs. This development comes at a time when Ripple’s CEO, Brad Garlinghouse, has enlisted the services of a new legal representative, Caleb J. Robertson.
A Change in Legal Teams
The SEC’s decision to remove one of its attorneys from the case was announced in a recent filing. “Ms. Guerrier is no longer participating in this matter. The SEC continues to be represented by the other counsel of record in this matter,” the filing stated. Despite this change, the rest of the SEC’s legal team remains involved in the case.
Simultaneously, Brad Garlinghouse, CEO of Ripple, has brought a new lawyer on board. Attorney Caleb J. Robertson, of Cleary Gottlieb Steen & Hamilton LLP, has joined Garlinghouse’s legal team and has already requested relevant documents from the court. Another lawyer, Michael A. Schulman, has also joined the team.
The History of the Ripple VS SEC Lawsuit
The SEC launched its legal action against Ripple and its leaders in December 2020. The regulatory body alleged that the sale of XRP, Ripple’s cryptocurrency, was akin to selling unregistered securities, totaling more than $1.38 billion. However, Judge Analisa Torres disagreed with the SEC’s argument and dismissed the claims. This ruling was seen as a significant victory for cryptocurrency investors and the market, potentially setting a precedent for future cases.
Advancements for XRP
In other Ripple-related news, XRP is making significant strides in terms of on-demand liquidity. Thanks to a partnership between Triangle and cryptocurrency payment giant BitPay, around 30 merchants now accept direct XRP payments. High-profile companies such as AMC Theaters and Newegg are among these merchants, signaling a growing real-world adoption of XRP. Ripple’s investment in Triangle further highlights the potential for wider XRP integration.
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