Kylie Chiseul Kim, one of Ripple’s lawyers in its long-running legal dispute with the US Securities and Exchange Commission (SEC), has called for it to quit. This departure comes as the XRP community expects a summary judgment any day now.
What does departure mean for the case?
Attorney Kylie Chiseul Kim has left Ripple Labs’ legal team as the case is ongoing.
According to the letter filed in the Southern District of New York, Kylie said she will no longer have a relationship with Kellogg, Hansen, Todd, Figel & Frederick, PLLC, the law firm currently representing Ripple. The filing indicated that other counsel from the same law firm and Debevoise & Plimpton LLP would continue to be counsel for the defendants. Significantly, Kylie’s proposal was approved by the court.
Kylie has long been a key member of the team representing Ripple since July 2022. He was hired along with Clayton J. Masterman as Ripple was still battling the 2020 XRP lawsuit with the SEC. The US regulator accused Ripple, co-founder and former CEO Chris Larsen, and current CEO Brad Garlinghouse of misleading investors by raising more than $1.3 billion in an unregistered securities offering of the XRP token. At the time the onboarding of these two lawyers was seen as a move to strengthen Ripple’s legal team for the expected long legal battle.
Kylie’s surprise departure has led many to wonder whether it will seal Ripple’s fate in the case. The news of him leaving Ripple’s defense team received mixed reactions. Nonetheless, the majority believe that her exit had nothing to do with Ripple and did not reflect her view of Ripple’s stakes in the lawsuit, but was related to her leaving her former law firm.
The departure, nevertheless, comes as the crypto community awaits the unseen “Hinman documents” due on June 13. The docs pertain to a 2018 speech given by former SEC director William Hinman and the emails associated with writing it. In the speech, Hinman declared that ether was not a security due to its decentralized nature. These documents are believed to tip the scales in favor of Ripple as the company attempts to prove that XRP should not be considered a security.