A new attorney appeared before the U.S. District Court for the Southern District of New York in the XRP litigation.
A new attorney representing Ripple’s CEO, Brad Garlinghouse, appeared before the U.S. District Court for the Southern District of New York, which could signal the beginning of a new chapter in the XRP litigation.
Following the U.S. Securities and Exchange Commission’s (SEC) motion for permission to file an interlocutory appeal in the ongoing case, this action has been taken.
Caleb J. Robertson, An Attorney, Represents Garlinghouse
Caleb J. Robertson of Cleary Gottlieb Steen & Hamilton LLP appeared on behalf of the Ripple CEO in the lawsuit against the US SEC in a document dated August 22, 2023. In the filing, the attorney requested that all documents and communications related to the litigation be made available.
Michael A. Schulman, in addition to counsel Roberston, has filed a motion to appear Pro Hac Vice on behalf of Garlinghouse in the SEC case.
In addition to the Ripple case, attorney Robertson has worked in the enforcement arena for a cryptocurrency platform “in connection with multiple government investigations.” He also represents financial institutions, securities trading firms, investment managers, and public companies in regulatory matters.
Role of Ripple CEO In XRP Lawsuit
In its December 22, 2020, complaint against the company, the US SEC named Garlinghouse and Christian Larsen, the company’s co-founder, for raising capital through transferring XRP in the form of “unregistered securities.” The complaint alleged that beginning in 2013, Ripple raised funds through the sale of XRP digital assets in an unregistered securities offering to investors in the United States and internationally.
Judge Analisa Torres recently denied this allegation in a landmark Summary Judgment, stating that the programmatic sale of tokens to retail buyers does not comprise a sale of securities. This was a monumental victory for crypto market participants, as it could serve as a precedent for future crypto disputes.
