Kylie Chiseul Kim, one of the defense attorneys representing Ripple Labs Inc. in the SEC lawsuit, has submitted a motion to withdraw from the case. In the motion filed in the Southern District of New York, Kim stated that she will no longer be associated with the law firm Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., which is currently representing Ripple Labs.
The document also clarified that other attorneys from the same firm and counsel from Debevoise & Plimpton LLP will continue to represent Ripple. Kim, along with Clayton J. Masterman joined the Ripple legal team in July 2022. Their addition was aimed at bolstering Ripple’s legal team in preparation for a potentially lengthy legal battle.
After Kim’s decision to withdraw, the remaining legal team at Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., supported by counsel from Debevoise & Plimpton LLP, will carry on representing Ripple Labs in the ongoing litigation.
The news of Kim’s exit has sparked a range of reactions on Twitter. This unexpected development has left many guessing about the possible outcomes of the lawsuit’s progression.
Twitter users speculated that Kim may have been waiting for the lawsuit to end before moving on to a new job or company. However, users on the internet are rolling out various theories. One of the users said, “She’s a litigation lawyer. Resolving rights-based disputes through the court system. Is it safe to say they reached a settlement and now her job is done?”
Another wrote, “I believe she is a litigation specialist who was brought in the team for settlement. Can we read between the lines here and say task is complete ( settlement was made ) and time to move onto next contract.”
The cryptocurrency sector is currently awaiting a decision in the prolonged Ripple vs. SEC lawsuit. The resolution is expected to have an impact on the entire sector.
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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
The news about Ripple and the SEC has been making headlines for weeks and has been talked about by many in the cryptocurrency community. This was further ignited when on January 11th Ripple’s defense attorney, Matthew Solomon, announced that he was leaving the case, citing a conflict of interest. This led to speculation among Twitter users with many wondering if the two had reached a settlement.
The SEC’s complaint against Ripple Labs began in late 2020 when they accused the company of selling an unregistered security in the form of their XRP token. This case sent shockwaves throughout the industry leading to uncertainty and the decline of XRP’s value.
Ripple Labs have been actively defending their position and attempting to get the case dismissed. They have called the suit ‘unprecedented and misguided’, and also argued that that XRP is not a security but a decentralized digital asset. This case has gained attention globally and is set to be a bellwether for the cryptocurrency industry.
The news about Matthew Solomon’s departure has stirred up a lot of conversation in the crypto community with many users wondering what it might mean for the case. When notified of the news however, Ripple chief executive Brad Garlinghouse said that he is confident that the team at the company will be able to continue the fight against the SEC in a professional manner.
Despite the speculations, it appears as though the case is still ongoing as no settlement has been announced. All signs point to this case still continuing for some time and will be watched by many in the industry to see where it will lead.