The battle between U.S. Securities & Exchange Commission (SEC) and cryptocurrency firm Ripple Labs rages on, and CEO Brad Garlinghouse is further reinforcing his defense.
On Tuesday, two prominent lawyers from the esteemed law firm Cleary Gottlieb Steen & Hamilton LLP signaled their intent to represent Garlinghouse in the matter pending before the United States District Court for the Southern District of New York.
Attorney Michael A. Schulman formally requested permission to represent Garlinghouse, filing a motion for Pro Hac Vice – a legal term indicating a lawyer's request to practice in a jurisdiction where they are not licensed.
In parallel, Attorney Caleb J. Robertson has officially entered an appearance as counsel for Garlinghouse in the same court action.
Gamza KhanzadaevThe involvement of such high-profile attorneys from a renowned firm underscores the significance and complexity of the case. Garlinghouse and founder Chris Larsen are contending with charges from the SEC related to the sale and offering of the XRP digital asset.
As reported by U.Today, the judge presiding over the SEC's civil case against Ripple Labs intends to schedule a jury trial in Q2 2024, specifically between April 1 and June 30. Judge Analisa Torres previously ruled that the XRP coin wasn't a security regarding sales on digital exchanges, but Ripple and its executives may still face other violations.
Recently, the SEC has taken a step to appeal the decision, but it remains to be seen whether this effort will succeed.
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