Nicole Tatz will no longer represent Ripple in the XRP lawsuit.
Ripple is a San Francisco-based Fintech company, provides international payment services for multinational companies. In Dec 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple company over the nature of the XRP token, Ripple’s in-house coin.
On 16 Dec, Popular law expert in the crypto sector James K Filan said that Attorney Nicole Tatz has filed a Motion to Withdraw as Counsel for Ripple CEO Brad Garlinghouse because she is departing from Cleary Gottlieb Steen & Hamilton LLP.
Ripple vs SEC Lawsuit
Almost two years have been completed in the Ripple vs SEC case but still, no result came.
The SEC agency alleged that the XRP token is an unregistered security and also company sold more than $1.2 Billion worth of XRP tokens, which was illegal under the securities Act.
The US Securities regulatory body also raises concerns over the use of XRP tokens in the cross border payment services
According to available reports on the XRP lawsuit, Ripple is standing in a better position and there are huge chances that Ripple & SEC may settle the case without prior announcement.
Experts believe that if the court judgement will go in favour of Ripple company then it will bring a better result for the crypto sector but opposite of it court judgement in favour of the SEC agency may result in a very bad situation for the crypto industry because that will help the US regulatory bodies to create significant pressure on many crypto projects.