Amid the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and the blockchain company, Ripple, CEO Brad Garlinghouse is strengthening his legal defense.
Currently involved in a legal dispute in the United States District Court for the Southern District of New York, Garlinghouse’s position has received significant support.
In a recent development, two prominent lawyers from the renowned law firm Cleary Gottlieb Steen & Hamilton LLP have firmly pledged to advocate for Garlinghouse’s case.
Michael A. Schulman has since formally petitioned for permission to advocate on behalf of Garlinghouse.
Additionally, Attorney Caleb J. Robertson has joined the proceedings, formally taking on the role of legal counsel for Garlinghouse in the same court case.
The involvement of these prominent lawyers highlights the seriousness and complexity of the situation.
At the heart of this legal dispute are Garlinghouse and Chris Larsen, who are Ripple’s top executives, defending against allegations from the SEC. The focus of these claims revolves around the trading and issuance of the digital currency XRP.
The overseeing judge, handling the SEC’s civil lawsuit against Ripple Labs, intends to conduct a jury trial between April 1 and June 30.
It’s important to note that an earlier ruling by Judge Analisa Torres determined that XRP didn’t qualify as a security in the context of its exchanges.
Nevertheless, Ripple and its key executives might still face potential liabilities for other alleged violations. Recent developments have seen the SEC taking steps to challenge the ruling, but the outcome of their efforts remains uncertain.