Kylie Chiseul Kim, one of Ripple Labs’ key defense attorneys in the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC), has filed a motion to withdraw from the case.
Kim’s decision to leave the Ripple legal team comes as a surprise, as she was only recently added to the case in July 2022. Her departure leaves Ripple with a team of just four attorneys, which could make it more difficult for the company to defend itself against the SEC’s allegations.
In her motion to withdraw, Kim cited “personal reasons” for her decision. She also said that she has “no further involvement in the case” and that she “does not intend to participate in any further proceedings.”
It is unclear what impact Kim’s departure will have on the ongoing lawsuit. However, it is certainly a blow to Ripple, as she was one of the company’s most experienced attorneys.
The SEC sued Ripple in December 2020, alleging that the company had sold XRP as an unregistered security. Ripple has denied these allegations, and the case is currently ongoing.
The SEC’s lawsuit has had a significant impact on XRP’s price. The cryptocurrency has lost over 90% of its value since the lawsuit was filed.
It is still too early to say what the ultimate outcome of the lawsuit will be. However, Kim’s departure is a setback for Ripple and could make it more difficult for the company to win its case.
What does this mean for XRP?
Kim’s departure is a setback for Ripple, but it is not necessarily a death knell for XRP. The cryptocurrency is still supported by a large community of investors, and it remains to be seen how the SEC’s lawsuit will ultimately be resolved.
If Ripple is successful in defending itself against the SEC’s allegations, it could be a major boost for XRP’s price. However, if Ripple loses the case, it could have a significant negative impact on the cryptocurrency.
Only time will tell what the ultimate outcome of the SEC’s lawsuit will be. However, Kim’s departure is a reminder that the case is still very much alive, and that there is no guarantee that Ripple will be successful.
Related Stories:
Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing Lawsuit
Ripple vs SEC Lawsuit Latest: A Pro-Ripple Lawyer Reveals Shocking Facts
XRP Price Set to Skyrocket to $10 if Ripple Wins Lawsuit – Lawyer Asserts
Coinbase’s Access to Hinman Emails Raises Questions in Ripple Lawsuit
Ripple and SEC To Meet to Discuss Potential Settlement in Landmark Legal Battle
XRP Legal Battle: SEC Backtracks on Security Classification
Ripple vs SEC lawsuit: John Deaton predicts these 4 possible outcomes of the case
Ripple vs SEC Latest: Brad Garlinghouse: ‘We Are Confident We Will Win’
