Defense attorney Clayton J. Masterman has filed a motion to withdraw from the Ripple case
The lawsuit, initially filed in December 2020, hinges on whether the digital asset XRP should be classified as a security. If deemed a security, its sales would be subject to strict regulatory standards.meets this criteria and that Ripple and its executives have been in violation of securities laws. Conversely, Ripple has vehemently denied these allegations, maintaining that XRP is a currency rather than a security and, therefore, falls outside of the SEC's jurisdiction.
The withdrawal of the attorney is unlikely to have any bearing on the outcome of the closely monitored case. According to the filed notice, other attorneys from Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C., and Debevoise & Plimpton LLP will continue to serve as counsel fo Ripple Labs. As reported by U.Today, Ripple CEO Brad Garlinghouse has repeatedly mentioned that the case is going to be resolved in the near future.
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