Main navigation

Ripple v. SEC: Another Attorney Calls It Quits

Mon, 06/26/2023 - 18:39
article image
Alex Dovbnya
These recent departures are unlikely to have any bearing on the high-profile case
Ripple v. SEC: Another Attorney Calls It Quits
Cover image via
Read U.TODAY on
Google News

Ripple Labs, which is facing an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), has seen yet another attorney resign from their defense team.

Following Kylie Chiseul Kim's withdrawal in late May, Clayton J. Masterman, a significant figure on Ripple's legal counsel, has filed a motion to remove himself from the case.

The case against Ripple, brought forth by the SEC, accuses the company, CEO Brad Garlinghouse, and co-founder Christian A. Larsen of conducting a $1.3 billion unregistered securities offering.

One of Ripple's Attorneys Calls it Quits: What it Means
The lawsuit, initially filed in December 2020, hinges on whether the digital asset XRP should be classified as a security. If deemed a security, its sales would be subject to strict regulatory standards.

The SEC asserts that XRP meets this criteria and that Ripple and its executives have been in violation of securities laws. Conversely, Ripple has vehemently denied these allegations, maintaining that XRP is a currency rather than a security and, therefore, falls outside of the SEC's jurisdiction.

The withdrawal of the attorney is unlikely to have any bearing on the outcome of the closely monitored case. According to the filed notice, other attorneys from Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will continue to serve as counsel fo Ripple Labs.

As reported by U.Today, Ripple CEO Brad Garlinghouse has repeatedly mentioned that the case is going to be resolved in the near future.   

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at