The U.S. Securities and Change Fee (SEC) lawsuit’s authorized defense team, which included attorney Clayton J. Masterman, has resigned. Although the consensus on the internet was that Masterman’s departure significantly hurt Ripple, crypto lawyer John Deaton thinks that the lawyer’s absence has no bearing on the outcome of the case.
Earlier today, John Deaton announced the news of Masterson’s departure from Ripple’s authorized protection team on Twitter. According to the cryptocurrency attorney, the Ripple lawyer’s withdrawal was not cause for alarm. “Let me be clear: a lawyer’s withdrawal has no effect. It’s not a sign that the matter has been resolved or anything significant, according to Deaton, who gave this advice to his followers.
The reaction to the most recent development in the case was mixed from the XRP and crypto communities. Despite John Deaton’s assurances—who also happens to be a well-known figure in the crypto community—XRP holders showed signs of FUD, which were reflected in the token’s price. According to data from CoinMarketCap, XRP lost more than 2% of its value in the hours following the announcement of Masterman’s resignation.
As stated in the motion submitted to the U.S. District Court for the Southern District of New York, Ripple Labs Inc. will continue to be represented by counsel from Debevoise & Plimpton LLP and Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C.
Only one month has passed since Kylie Chiseul Kim, another attorney, left the Ripple authorized protection staff. Clayton Masterman has since left. Curiously, the law firm representing Ripple had hired both Masterman and Kim in July 2022, presumably as a strategic addition to bolster their defense. According to Ripple CEO Brad Garlinghouse, a decision in the litigation may come later this year.
