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Blockchain payment firm Ripple\u00a0has hired<\/a>\u00a0two Kellogg Hansen lawyers Kylie Chiseul Kim and Clayton J. Masterman to strengthen its legal fight against the U.S. Securities and Exchange Commission [SEC].<\/p>\n The new addition of the attorneys indicates that legal proceedings may drag on for some time.<\/p>\n But Stuart Alderoty, general counsel of the payment giant,\u00a0stated\u00a0that a final resolution would likely come in 2023.<\/p>\n The lawsuit filed by the SEC in late 2020, alleged that founders of Ripple<\/a> Labs Inc, Brad Garlinghouse, and Chris Larsen had illegally sold XRP as unregistered security to raise $1.3 billion. The tussle continued back and forth. <\/p>\n In mid-April, the blockchain firm appeared to have gained a small victory in its case after Judge Sarah Netburn\u00a0denied\u00a0the SEC\u2019s request to reconsider its decision to produce certain documents that showed its former Director William Hinman said that Bitcoin and Ether are not securities.<\/p>\n Things took a new turn when the SEC managed to keep Hinman\u2019s documents out of Ripple\u2019s reach citing the latter\u2019s specific conflicts of interest with those cryptocurrencies.<\/p>\n In other news, former Ripple CTO Jed McCaleb was left with only 81.53 million XRP to sell.<\/p>\n Since his exit from the firm in 2014 Caleb, once held billions of\u00a0XRP tokens in 2014, after which he went on to start Stellar\u2019s blockchain project.<\/p>\n In February 2021, reports showed that McCaleb sold large quantities of\u00a0XRP.\u00a0It was assumed his stash would eventually dry up by May 2021, if the selling persisted at that rate.<\/p>\n But to everyone\u2019s surprise, the top exec was still dumping\u00a0XRP\u00a0and one observer\u00a0noted<\/a>\u00a0on June 29, 2022, that around 22 million\u00a0of the tokens\u00a0were sold in three days. <\/p>\n Since his stint at Ripple, he held roughly 9 billion\u00a0XRP<\/a>\u00a0and has been selling the tokens since then.<\/p>\n At one time, Ripple and McCaleb signed an agreement that required the latter to lock some of his funds in order to protect the XRP from price swings.\u00a0<\/p>\n Although, when the U.S. Securities and Exchange Commission [SEC] filed the suit against Ripple, McCaleb responded by pausing the \u2018Tacostand\u2019 selling for a period.<\/p>\n<\/div>\nEx Ripple Exec Jed McCaleb\u2019s XRP Stash Down By 81.5M<\/h2>\n