In a recent update on the SEC v. Ripple case, attorney and legal representative of XRP holders, John Deaton, took to Twitter to share his initial excitement followed by a disappointing revelation. Deaton had received an email filing related to the case, which initially caused a flutter of anticipation. However, his hopes were swiftly dashed as he discovered that the email simply announced one lawyer’s withdrawal from the case.
Deaton promptly clarified the implications of this withdrawal, stating that it held no substantial significance for the ongoing legal battle between Ripple and the SEC. He emphasized that the lawyer’s departure should not be misconstrued as a signal that the case is settled or that any substantive changes have occurred. According to Deaton, the withdrawal in itself does not alter the trajectory of the litigation. He sought to address any potential concerns or misinterpretations that could arise from this development.
Another legal expert, Marc Fagel, who is a former attorney and former SEC director in San Francisco, shared a related perspective on the situation. Fagel expressed solidarity with Deaton, revealing that he, too, experienced a similar mix of excitement followed by a letdown upon hearing the news about the lawyer’s withdrawal.
Ripple vs SEC
When asked about the turnover within the SEC during Chairman Gary Gensler’s tenure, Fagel offered some more controversial insights. Drawing from his experience and observations, Fagel stated anecdotally that the turnover rate within the SEC has increased. He speculated on potential reasons for this uptick, mentioning staff dissatisfaction with Gensler’s leadership or the presence of a robust job market for defense counsel due to the SEC’s more aggressive stance.
The recent update in the SEC v. Ripple case, involving the withdrawal of a lawyer, has caused initial excitement followed by disappointment for attorney John Deaton and legal expert Marc Fagel. However, both Deaton and Fagel were quick to clarify that the lawyer’s departure does not hold significant implications for the ongoing litigation between Ripple and the SEC.
It is important not to misinterpret this development as a sign of settlement or substantive changes in the case. Additionally, Fagel shared anecdotal insights about a potential increase in turnover within the SEC during Chairman Gary Gensler’s tenure, speculating on possible reasons behind it