One Of Ripple’s Defense Lawyers Drops Out Of SEC Lawsuit — Does It Spell Doom For XRP?
In a blow to Ripple, one of its attorneys in the long-running legal dispute with the U.S. Securities and Exchange Commission (SEC), Kylie Chiseul Kim, has called it quits. This departure comes as the XRP community expects a summary judgment ruling any day now.
What Does The Departure Mean For The Case?
Attorney Kylie Chiseul Kim has left Ripple Lab’s legal team as the case drags on.
According to the letter filed in the Southern District of New York, Kylie noted that she would no longer have any association with Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., the law firm presently representing Ripple. The filing indicated that other lawyers from the same law firm and those from Debevoise & Plimpton LLP would continue being counsel for the defendants. Notably, Kylie’s motion was granted by the court.
Kylie has long been a key member of the team representing Ripple since July 2022. She was hired alongside Clayton J. Masterman as Ripple was still battling the 2020 XRP lawsuit with the SEC. The U.S. regulator accused Ripple, co-founder and former CEO Chris Larsen, and current CEO Brad Garlinghouse of misleading investors by raising over $1.3 billion in unregistered securities offerings of the XRP token. The onboarding of these two attorneys at the time was viewed as a move to bolster Ripple’s legal team for an expected lengthy legal fight.
Kylie’s surprising departure has left many wondering whether it seals Ripple’s fate in the case. There were mixed reactions to the news of her leaving Ripple’s defence team. Nonetheless, the majority believe her exit had nothing to do with Ripple and did not reflect her view of Ripple’s stakes in the lawsuit but was related to her quitting her former law firm.
The departure, nonetheless, comes as the crypto community anxiously awaits the unsealing of the “Hinman documents” on June 13. These docs relate to a 2018 speech given by former SEC Director William Hinman and emails associated with writing it. In the speech, Hinman declared that Ether was not a security due to its decentralized nature. These documents are believed to tip the scales in Ripple’s favour as the company endeavours to prove that XRP should not be considered a security.