- The US SEC has been seeing an exodus of its lawyers in its case with Ripple Labs.
- The exit has been given many interpretations by the XRP community.
In a new turn of events, three lawyers identified as Pascale Guerrier, Richard Best, and Robert MacDonald Moye representing the United States Securities and Exchange Commission (SEC) have withdrawn from the lawsuit with Ripple Labs and its executives.
According to an August 23 court initial filing, Attorney Guerrier requested permission for him to be dismissed from the case. The letter claimed that Attorney Guerrier “is no longer participating in this matter” and in no time, the motion was granted by Judge Analisa Torres, the judge presiding over the lawsuit. Later the same day, another motion was filed to remove Richard Best and Robert MacDonald Moye from the proceedings.
Unlike Best who immediately received approval on the grounds of medical leave, Moye’s withdrawal is still pending. The U.S. regulator, however, got approval to add two attorneys to its legal team namely Marc J. Jones and Peter Bryan Moores.
Markedly, on this same day, Judge Torres approved Attorney Michael A. Schuman for Ripple’s Chief Executive Officer Brad Garlinghouse.
Some crypto enthusiasts and pro-XRP entities are beginning to create a narrative behind the attorneys’ decision to step aside while the SEC seeks an interlocutory appeal against Judge Torres’ ruling that XRP is not security.
One X (formerly Twitter) user claimed that these lawyers do not want their names tied to the wrong side of history. Another said that the SEC lawyers are quitting before the ship appears to be sinking.
XRP Community Maintains Confidence in Possible Victory
The latest events suggest a growing confidence and optimism among supporters that Ripple Labs will bag full victory even in the face of the SEC’s interlocutory appeal.
Less than one month after the federal judge’s ruling and before the SEC received approval for the motion to seek an interlocutory appeal, pro-XRP lawyer John Deaton reiterated his confidence that Ripple will snag a victory against the regulator’s appeal. Furthermore, he explained why the SEC has been placed in a difficult situation.
Deaton identified that Judge Torres did not make a distinction between the different sales of XRP out of thin air. Rather, she took each category of sale which was specifically chosen and defined by the SEC, and then applied the Howey test which is used to determine securities. With this kind of strategy, he does not think her decision will be reversed at the appeal.
Now that SEC’s lawyers are exiting the case, Deaton still doesn’t think it matters much. For all we know, Guerrier could be reassigned or even be resigning from the SEC, the CryptoLaw founder opined.
Moving forward, both Ripple and the SEC have presented the court with their individual calendars showing their availability for a trial in the second quarter of 2024. Ripple demonstrated a reasonable level of flexibility on its calendar while the SEC has stated a couple of challenges to its availability.
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