In a new development in the U.S. Securities and Exchange Commission (SEC) vs Ripple (XRP) Lawsuit, another attorney for Ripple Labs and CEO Brad Garlinghouse, Lisa R. Zornberg has decided to withdraw from the ongoing legal battle between Ripple and the SEC. This move comes after an intriguing career development, as Lisa has been appointed City Hall Chief Counsel by New York’s City mayor, Eric Adams.
According to a filing in the Southern District Court of New York on July 27, the blockchain humbly requested that the court grant Lisa R. Zornberg’s decision to withdraw as an attorney from the ongoing lawsuit, as she won’t be associated with the law firm from July 31.
Zornberg’s departure from the Ripple case is a reminder of the complex and interconnected nature of the legal profession. Attorneys often have to balance multiple responsibilities and obligations, and conflicts of interest can arise. While Zornberg’s departure might pose a slight setback for the blockchain, the company will continue to fight the SEC’s allegations with the help of its remaining legal team.
As the Ripple vs SEC lawsuit comes near, some attorneys have withdrawn from the lawsuit. Recently, attorneys Clayton J. Masterman and Kylie Chiseul Kim withdrew from the case.
Although, the blockchain had asserted that the withdrawals had no adverse impact on the lawsuit. Likewise, Anna R. Gressel also withdrew as attorney of record in the US SEC lawsuit.
The Fate of ripple (XRP) if the SEC Appeals the Court’s Decision
While nothing is certain at this point, legal professionals have shared their insights on the possible outcomes and their implications for Ripple and the XRP coin. If the SEC wins the appeal, it would deal a major blow to the blockchain payments firm and the digital assets market, resulting in a substantial decline in the price of XRP.
Conversely, if the SEC loses the appeal, it would be a significant victory for Ripple and the crypto market. It will likely cause a rally in the price of XRP, just as it did over 70% when the blockchain won the case. However, if the appeal is dismissed, the original court decision would stand, resulting in a neutral outcome for Ripple and the cryptocurrency industry.