- To its legal staff Ripple has hired two more attorneys.
- Ripple will move out of the US if they lose.
Blockchain company Ripple has added two Kellogg Hansen lawyers to bolster its legal team. Two newly added attorneys, Kylie Kim and Clayton J. Masterman will also represent one of the top cryptocurrency players in the protracted battle against the US Securities and Exchange Commission.
The addition of new lawyers suggests that legal proceedings are likely to be prolonged. CEO Brad Garlinghouse told Axios at the Collision conference in Toronto that Ripple will move entirely out of the US if it loses the case brought by the SEC against the company.
If Ripple wins the lawsuit, the company’s growth might be accelerated and other businesses feel more comfortable working with Ripple. Due to an ongoing legal dispute, major US cryptocurrency exchanges including Coinbase have temporarily halted listing Ripple’s XRP asset.
Flashback of Ripple Case
The SEC filed a complaint alleging that Ripple had made an improper security offer from one of the cryptocurrency’s most well-known coins, XRP and that this was the beginning of the well-known Ripple v/s SEC dispute, which began in late 2020. According to Ripple, the currency XRP is a component of the XRP digital assets
SEC requirements require securities to be registered with the SEC and publicly report certain financial information. The objective is to protect investors’ interest while fighting fraud. According to CMC, XRP is up 0.63% in the last 24 hours and traded at $0.324621 with a trading volume of $1,115,897,949.
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