In a sudden twist, Ripple’s top attorney, Lisa R. Zornberg, has decided to depart from the ongoing legal battle against the US SEC. Zornberg’s unexpected withdrawal comes as she takes on a new role as Chief Counsel for New York City Mayor Eric Adams. This development has sent shockwaves through the crypto community and left the future of the Ripple lawsuit uncertain.
The Challenges Don’t Stop!
The news of Zornberg’s withdrawal reverberated through the District Court For the Southern District of New York, where the legal duel between Ripple Labs and the SEC is being fought. After tirelessly advocating for Ripple Labs and its CEO Brad Garlinghouse, Zornberg formally requested to step down from the case. As of July 31st, Ripple Labs will rely on other attorneys from Debevoise & Plimpton LLP to handle their defense.
Read More: XRP Lawsuit: SEC Chair Gary Gensler Remains Silent on Ripple’s Legal Victory: What’s Next?
So… What Next?
Zornberg’s abrupt departure raises questions about the impact on Ripple’s lawsuit against the SEC. While Ripple claims that CEO Brad Garlinghouse and co-founder Chris Larsen will not be affected by her withdrawal, the significance of such a development cannot be underestimated in a case of this scale.
For Zornberg, her departure from the Ripple lawsuit marks the beginning of a new chapter in her career. Having been appointed as City Hall Chief Counsel by New York City Mayor Eric Adams, she now transitions from courtroom battles over cryptocurrency to shaping policies in the heart of the city.
The Ripple Effect on XRP
The ongoing Ripple lawsuit has not only impacted the legal landscape but also had ripple effects on the value of XRP. After witnessing a surge following the summary judgment and Ripple’s future plans, the price of XRP experienced a slight decrease recently due to profit booking by large investors and traders. However, it currently hovers around the $0.70 mark.
Optimism Runs High
Despite the uncertainty caused by Zornberg’s departure and the SEC’s potential appeal plans, prominent XRP holder and lawyer, John E. Deaton, remains confident. He believes that even if SEC Chair Gary Gensler pursues an appeal, XRP will continue to be classified as a non-security for at least the next two years.
Related: Ripple SEC Lawsuit Update: Top Reasons Why SEC’s Appeal Against XRP Might Fail
Source: https://coinpedia.org/news/major-shift-in-ripple-vs-sec-lawsuit-as-lead-xrp-lawyer-departs/