Ripple SEC trivial : Follow up

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By Degen Lipsa

Ripple Labs, embroiled in an ongoing legal battle with the SEC, faces another setback as Clayton J. Masterman, a key figure in Ripple’s legal counsel, files a motion to withdraw from the case.

The SEC’s lawsuit accuses Ripple, CEO Brad Garlinghouse, and co-founder Christian A. Larsen of conducting an unregistered securities offering worth $1.3 billion.

The lawsuit, initiated in December 2020, revolves around the classification of XRP as a security. The SEC argues that XRP meets the criteria of a security, subjecting its sales to strict regulatory standards. Ripple vehemently denies these allegations, asserting that XRP is a currency, not a security, and falls beyond the SEC’s jurisdiction.

While the attorney’s withdrawal may not significantly impact the closely monitored case, Ripple Labs will continue to be represented by other legal experts from Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP, according to the filed notice.

RippleCEO Brad Garlinghouse remains optimistic about a timely resolution to the case, emphasizing its impending conclusion.

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