The legal tussle between Ripple Labs and U.S. Securities and Exchange Commission (SEC) is moving close to receiving a summary Judgment. In the latest development, which seems like a big blow for the defendants, one of their attorneys has filed to withdraw from the case.
As per court filings, Attorney Kylie Chiseul Kim has filed the letter to withdraw as counsel for Ripple Labs. It stated that Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will continue to be counsel for the defendants. However, the court has granted the motion.
This move comes in when the crypto industry is eagerly waiting for the public release of the infamous Hinman speech-linked documents. However, both parties submitted a joint letter seeking a one-week extension until June 13 to file public versions of the vital documents. This also includes unredacted cross-motions for summary judgment.
The joint letter stated this is the first request to extend the deadline in the matter of Hinman speech-linked memos. It highlighted that the relaxation is needed due to the “voluminous nature of the materials and redactions.” However, the court granted the motion.
Earlier, Coingape reported that the prior court filing revealed that SEC staff had a discussion over the nature of the XRP token.
XRP holders’ lawyer mentioning a footnote from the defendant’s opposition and reply briefs against the US SEC concluded that XRP was never a security. As per the footnote, there are several reasonable grounds that conclude that Ripple’s native token fails to satisfy all prongs of the Howey test, thus it is not a security.
However, the crypto-linked firms and leaders kept an on the release of the Hinman speech documents which reflected that Ether (ETH) is not a security.
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