- CEO of Ripple, Bradley Garlinghouse, strengthens his legal defense with two top-tier lawyers from Cleary Gottlieb Steen & Hamilton LLP.
- The move highlights the gravity and intricacy of the SEC’s lawsuit regarding the XRP digital asset’s sales and offering.
Garlinghouse’s Legal Roster Expands in SEC Dispute
Amid the heated legal dispute between the U.S. Securities & Exchange Commission (SEC) and the notable crypto entity Ripple Labs Inc., Bradley Garlinghouse, Ripple’s chief executive officer, has taken strategic steps to bolster his defense. On Tuesday, the spotlight turned to two distinguished legal practitioners from the highly regarded Cleary Gottlieb Steen & Hamilton LLP, who announced their decision to represent Garlinghouse in the ongoing litigation within the United States District Court for the Southern District of New York.
High-Caliber Representation Underscores Lawsuit’s Importance
Attorney Michael A. Schulman made a formal motion for Pro Hac Vice, a legal petition that seeks the court’s approval for an attorney to operate in a jurisdiction they aren’t usually licensed in, signifying his intent to stand in Garlinghouse’s corner. Concurrently, Attorney Caleb J. Robertson officially recorded his role as counsel for Garlinghouse for the ongoing case.
The incorporation of such esteemed attorneys into Garlinghouse’s defense team highlights not just the critical nature of the lawsuit but also its multifaceted nature. The core of the legal battle revolves around charges the SEC has brought forth against both Garlinghouse and Ripple’s founder, Chris Larsen. The regulatory body alleges improprieties related to the sales and distribution of the XRP digital currency.
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Drawing from recent updates, the sitting judge for the SEC’s case against Ripple Labs, Judge Analisa Torres, has indicated plans to earmark a jury trial window in the second quarter of 2024, which would fall between April 1 and June 30. Although Judge Torres has previously asserted that the XRP cryptocurrency does not qualify as a security in the context of sales on crypto exchanges, potential other infringements by Ripple and its top brass are still on the table for examination.
In a twist, the SEC has initiated moves to contest this previous judgment. The crypto and legal communities keenly await to see how this appeal will evolve in the ensuing months.
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