Ripple CEO Brad Garlinghouse's New Counsel Signals Aggressive Stance for 2024 Trial – Coinpedia Fintech News
Australian Lawyer Bill Morgan recently tweeted that Ripple Labs is “gearing up for trial” for the second quarter of 2024. This comes despite the U.S. Securities and Exchange Commission (SEC) seeking an interlocutory appeal, which suggests increasing legal complexity in the closely watched case.
Attorney Rahul Mukhi Joins the Battle
On September 25, 2023, attorney Rahul Mukhi of Cleary Gottlieb Steen & Hamilton LLP officially filed his appearance on behalf of Ripple Labs’ CEO, Brad Garlinghouse, in the SEC vs. Ripple Labs case. Mukhi is no stranger to high-stakes litigation. His impressive legal career includes significant roles in anti-corruption, cybersecurity, litigation, and white-collar defense investigations. Mukhi received the Attorney General’s Award for Distinguished Service for his efforts, one of the highest honors within the U.S. Department of Justice.
Mukhi’s entry into Ripple’s legal fray is a strategic move to strengthen the company’s defense. Given his extensive experience in enforcement and regulatory matters, Mukhi’s involvement adds another layer of fortitude to Ripple’s legal team as they prepare for what could be a landmark case for the cryptocurrency industry.
“Experienced in jury trials. Brad’s legal team [is] gearing up for the trial next year,” Bill Morgan – Australian Lawyer
Ripple’s Legal Battles
Ripple Labs and its top executives, Brad Garlinghouse and Chris Larsen, have been under scrutiny for alleged unlawful sales of XRP, which the SEC argues should be classified as a security. The tension between Ripple and the SEC seemed to subside momentarily in July when the court agreed with Ripple on specific vital points. However, the legal battle has entered another phase of uncertainty as both parties expressed their availability for a trial slated for the second quarter of 2024 to Judge Analisa Torres.
The case against Ripple is a landmark one, setting a precedent that could shape how the SEC interacts with other cryptocurrency companies. For Ripple, a loss could mean the reclassification of XRP, leading to a wave of legal consequences that could jeopardize its utility and market value. Conversely, a win for Ripple would clear its name and provide much-needed regulatory clarity for the cryptocurrency industry.
XRP’s price has shown resilience, hovering around its recent ranges, but as the saying goes in crypto markets, “volatility is the only constant.”
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