XRP has dropped 15% in the last week

Recently, in the process of litigation between Ripple and the US Securities and Exchange Commission, new circumstances emerged that negatively affected the value of the XRP token. The latter has already lost 15% in less than a week and, apparently, he does not plan to stop there. The ups and downs took XRP down from $0.395 to $0.342 in a matter of days.

Such a negative movement is associated with the departure of the lawyer who dealt with the case of the CEO of Ripple. Nicole Tatz has decided to leave the law firm Cleary Gottlieb Steen & Hamilton LLP. For this reason, she filed a motion to resign from her position as a lawyer for the head of Ripple, Brad Garlinghouse.

Another lawyer, James Filan, said that the law firm will still continue to defend the Ripple case in court against the US Securities and Exchange Commission. It also became known that a petition was filed regarding the arrival of a new lawyer, Rodrigo Seira. The latter asked to be given Pro Hac Vice to participate in the ongoing process. He will represent Amicus Curiae Paradigm Operation LP.

Pro Hac Vice is a phenomenon in the legal world where a person can take part in a case in a state to which he is not related. Such a technique cannot be used against lawyers who engage in unauthorized legal practice.

After this turn of events, community representatives began to ask the SEC whether they would file for a review of the summary judgment in the new circumstances. Lawyer Jeremy Hogan responded and said that the US Securities and Exchange Commission could do so, but the likelihood of this being rather low.

According to Jeremy, the SEC is unlikely to appeal after losing because it looks too dangerous. If the SEC appeals and loses, the SEC will end up losing the case in the second round, which is highly undesirable for them.

According to the lawyer, the US Securities and Exchange Commission will not bet much on an urgent review. Instead, the SEC will focus on the cryptocurrency market and the scams taking place there. They understand that in the case of the failure of Sam Bankman-Fried and the collapse of FTX at the moment, the Ripple lawsuit is as important to the SEC as possible.

The case between Ripple and the US Securities and Exchange Commission has moved to the stage of summary proceedings. As for the outcome of the trial, according to experts in the world of cryptocurrencies, if Ripple wins, the entire digital asset market will be much better off. Otherwise, the SEC could be dragged into the clutches of cryptocurrency brokers and the entire field of digital assets in the United States.