Nicole Tatz, the attorney to Bradley Garlinghouse (the Chief Executive Officer of Ripple Labs Inc.), has requested to pull back from his position as the counsel of the co-defendant in the current lawsuit between the crypto exchange and the Securities and Exchange Commission (SEC) of the United States.
Garlinghouse’s Attorney Files Motion to Leave the Place of a Counsel on the Ongoing XRP Lawsuit
The motion to step down as counsel was filed by Tatz on Friday. She stated in her motion that the rest of the attorneys at the US law company “Cleary Gottlieb Steen & Hamilton LLP” will keep on providing their services as counsel for Bradley Garlinghouse during the respective action.
Another court filing was submitted by her on Friday in which she noted that her relationship with the law company will be cut off from the 31st of December onward.
A couple of years back, in 2020’s December, a lawsuit was filed by the US SEC against the crypto exchange Ripple as well as the executives thereof.
The securities regulator accused the defendants of having carried out an unregistered offering of securities because XRP (the local token of the crypto exchange) was security from SEC’s perspective. As alleged by the SEC, the unregistered securities offering constituted more than US$1.38B worth.
Along with Ripple, its executives Garlinghouse and Chirs Larsen (the Executive Chairman) were also named by the SEC as co-defendants. James K. Filan shared this news with his Twitter followers saying that Tatz will not be linked to the law firm anymore.
In April last year, the two defendant executives of Ripple filed motions to get the lawsuits submitted against them discarded.
However, they did not get a response till March 2022. The court denied their motions and the lawsuit continued. In a prolonged battle, both parties confronted each other resiliently, and currently, they have submitted their conclusive submissions in advance.
In this way, the summary judgment-related motions have been completely briefed. Ripple is persuading the judge to provide judgment in its support.
The expected time for the respective verdict is early 2023, as per the prediction of James K. Filan. Brad Garlinghouse anticipates that the lawsuit will not move to trial. As per him, the case will resolve during the 1st half of the coming year. XRP community’s participants are desperately waiting for the conclusion of the lawsuit in a favorable judgment.
Some other reports point out that the crypto exchange has stretched the deadline concerning the submission of NFT project-related applications dealing with the Ripple Creator Fund. The new deadline will likely be the 18th of January 2023. The Creator Fund welcomes a diversity of talents taking into account fashion designers and musicians.
Ripple CTO Reflects on Carbon Credits and Gaming NFTs
Recently, David Schwartz – the Chief Technology Officer and Chief Cryptographer at Ripple – disclosed that he witnesses a lot of possibilities in gaming non-fungible tokens and carbon credits. He mentioned in an interview that blockchain technology and carbon credits seem to fit finely.
According to Schwartz, in-game assets can be converted into non-fungible tokens and the customers will not lose them when moving to another game. He moved on to say there is a need for the developers on Ripple to construct a minimum sustainable product as well as raise outside cash in advance of getting funds from the crypto exchange.