In a recent development, Rahul Mukhi, a seasoned lawyer known for his experience in international crime cases, has joined the defense team for Ripple Labs' CEO Brad Garlinghouse. The announcement was made by James K. Filan on Tuesday. Mukhi is accompanied by two other attorneys from Cleary Gottlieb Steen & Hamilton LLP, further bolstering the defense against the ongoing Securities and Exchange Commission (SEC) lawsuit.
The SEC has brought charges against Ripple executives, including Garlinghouse, alleging that they aided and abetted the distribution of XRP as an unregistered security. This case has been a subject of much attention in the crypto industry, as it seeks to define the regulatory landscape for digital assets.
Mukhi's addition to the team is seen as significant due to his previous role as an Assistant Attorney in the Southern District of New York (SDNY), where he acquired substantial experience in dealing with international crime cases.
Despite an interlocutory appeal by the SEC and a request for a stay of other proceedings, the trial is set to proceed in Q2 2024. This follows a federal court ruling that most transactions conducted by Ripple, including XRP sales, are not investment contracts. The defense team has already submitted blackout dates in preparation for the forthcoming trial.
The outcome of this lawsuit could have far-reaching implications for Ripple Labs and the broader cryptocurrency market. As such, all eyes will be on this case as it unfolds over the coming months.
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