The SEC’s Crypto Litigation Leader Joins White & Case
The leader of the U.S. Securities and Exchange Commission’s (SEC) crypto and cyber litigation unit, Ladan Stewart, has resigned from the commission to join legal firm White & Case. Stewart played a significant role in lawsuits against digital asset powerhouses Ripple and Coinbase during her eight years at the SEC. Her departure comes after a recent ruling by New York Judge Analisa Torres that declared Ripple’s XRP token was not a security when sold to retail investors, which was seen as a victory for the crypto industry. Stewart plans to build a crypto and cyber defense framework at her new firm, recognizing that legal issues in the nascent industry will persist.
Key Points:
+ Ladan Stewart, leader of the SEC’s crypto and cyber litigation unit, has left the commission to join law firm White & Case.
+ She played a role in lawsuits against Ripple and Coinbase.
+ A recent ruling declared that Ripple’s XRP token was not a security when sold to retail investors.
+ Stewart plans to build a crypto and cyber defense framework at her new firm.
Ripple Lawsuit:
Ladan Stewart was part of an SEC team that sued Ripple, accusing it of offering illegal securities through its XRP token. However, New York Judge Analisa Torres ruled partially in favor of Ripple, stating that XRP was not a security when sold to retail investors. This ruling is considered a significant victory for the crypto industry as a whole.
Key Points:
– Ladan Stewart was involved in the SEC’s lawsuit against Ripple.
– Judge Analisa Torres ruled that XRP was not a security when sold to retail investors.
Coinbase Lawsuit:
Stewart also led legal actions against Coinbase, the largest crypto exchange in the United States. The SEC alleged that Coinbase violated federal laws by operating as an unregistered securities exchange and broker-clearer house. Coinbase denied these allegations and filed a rule-making petition in response. The SEC rejected the petition, and Coinbase appealed the decision.
Key Points:
– Ladan Stewart spearheaded legal actions against Coinbase.
– Coinbase challenged the lawsuit and filed a rule-making petition.
– The SEC rejected Coinbase’s petition, and the firm appealed the decision.
Stewart’s Future Plans:
After leaving the SEC, Ladan Stewart will join White & Case with the intention of developing a crypto and cyber defense framework. She believes that cryptocurrencies are here to stay and anticipates ongoing legal issues in the nascent industry.
Key Points:
– Ladan Stewart aims to build a crypto and cyber defense framework at White & Case.
– She recognizes that legal issues surrounding cryptocurrencies will persist in the foreseeable future.
Hot Take: A Departure with Implications
Ladan Stewart’s resignation from the SEC and move to White & Case marks a significant development for the crypto industry. Her involvement in high-profile lawsuits against Ripple and Coinbase highlights the regulatory challenges faced by digital asset powerhouses. The recent ruling that XRP is not a security when sold to retail investors is seen as a positive step for the industry. However, it also underscores the need for clearer regulations from regulatory bodies like the SEC. As crypto continues to evolve, legal issues will remain present, making Stewart’s expertise valuable in building a robust defense framework.
By
By
By
By
By