Ripple Attorney Withdraws From Legal Defense Team In SEC Lawsuit

  • Attorney Clayton J. Masterman has withdrawn from Ripple’s legal defense team in the SEC lawsuit.
  • Masterman’s departure comes just a month after fellow attorney Kylie Chiseul Kim withdrew from the team.
  • Crypto lawyer John Deaton believes that Masterman’s withdrawal holds no significance in the lawsuit.

Attorney Clayton J. Masterman has withdrawn from Ripple’s legal defense team in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC). While the online sentiment indicated that Masterman’s departure dealt a considerable blow to Ripple, crypto lawyer John Deaton believes that the attorney’s departure holds no significance in the case.

John Deaton took to Twitter earlier today to share the news of Masterson’s departure from Ripple’s legal defense team. According to the crypto lawyer, the Ripple attorney’s withdrawal was not a matter of concern. “To be clear: a lawyer withdrawing means nothing. It’s not a signal that the case settled or anything of substance whatsoever,” Deaton told his followers.

The reaction of the XRP and crypto community to the latest development in the case was mixed. Despite the reassurance from John Deaton, who happens to be a popular figure among crypto circles, XRP holders displayed signs of FUD which were reflected in the token’s price. Data from CoinMarketCap shows that XRP lost more than 2% of its value in the hours following the news of Masterman’s departure.

According to the motion filed in the U.S. District Court for the Southern District of New York, other attorneys at Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will continue to be the counsel of record for Ripple Labs Inc. in the lawsuit.

Clayton Masterman’s departure comes just a month after fellow attorney Kylie Chiseul Kim withdrew from Ripple’s legal defense team. Interestingly, both Masterman and Kim were recruited by the law firm representing Ripple in July 2022, likely as a strategic addition in order to strengthen their defense. Ripple CEO Brad Garlinghouse maintains that the lawsuit may see a verdict later this year.

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