As the ongoing lawsuit between American blockchain payments firm Ripple Labs Inc and the United States Securities and Exchange Commission (SEC) is coming to an end, the company has yet again seen the withdrawal of one of its defense attorneys from the case. According to court filings, Anna R. Gressel of Debevoise & Plimpton LLP is no longer the attorney of record for the company.
The filing that was lodged on Wednesday noted that the withdrawal is effective immediately. It is becoming the norm for Ripple Labs to lose its attorneys as a number of related withdrawals have been recorded in the past few months. While the core reasons why these lawyers are taking their exit remains unknown, the firm has seen the departure of such veterans as attorneys Clayton J. Masterman and Kylie Chiseul Kim.
Since the XRP lawsuit started, Ripple Labs has invested considerable human and financial resources to defend its position against the SEC.
The departure of Anna R. Gressel comes at a time when the case has reached a crucial tipping point. With the summary judgment expected from Judge Analisa Torres, Ripple as well as expert observers have projected that the firm has a good chance to win the case against the SEC.
Retaining world-class lawyers
Ripple Labs understands what is at stake should it fail to beat the market regulator and the case had to be transferred up to the Supreme Court level. Should this extreme scenario play out, it will need the best of its lawyers to represent it, and as such, is poised to retain the best experts amid these broad withdrawals.
With how long its lawsuit with the SEC has been, Ripple Labs CEO Brad Garlinghouse has noted that the departures will not hurt its chances in the case, a vote of confidence that many industry observers are currently betting on.