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- A new defense attorney Rahul Mukhi has filed a notice of appearance on behalf of Ripple Labs.
- The Ripple vs SEC case continues to heat up with trials expected next year.
In preparation for the conclusion of its legal battle with the United States Securities and Exchange Commission (SEC), Ripple Labs has added another member to its defense team.
The fintech company hired popular attorney Rahul Mukhi of Cleary Gottlieb Steen & Hamilton LLP who has filed a notice of formal appearance in Court. As a seasoned legal professional who specializes in criminal, securities as well as other enforcement and regulatory issues, Mukhi brings a wealth of experience to represent CEO Brad Garlinghouse in the ongoing Ripple vs SEC lawsuit.
He is generally known for his expertise in complex commercial litigation. Mukhi has held several top positions including being the lead prosecutor on numerous high-profile cases during his tenure as an Assistant U.S. Attorney in the Southern District of New York for six years. A number of these cases revolved around money laundering, public corruption, cybercrime, financial and tax fraud, and international organized crime.
After his time as an assistant attorney, he moved on to become a counsel and partner at international law firm Cleary Gottlieb Steen & Hamilton LLP where he currently works. So far, he has represented many corporations as well as individuals in government in regulatory investigations related to insider trading and other crimes.
The attorney’s portfolio and his involvement in Ripple’s case with the SEC add significant weight to the fintech firm’s defense team.
Ripple vs SEC: Regulator Challenges Judge’s Ruling
The Ripple vs. SEC case which features the classification of XRP has been ongoing for approximately two years and nine months and the regulator seems not to be bothered about bringing the contentious case to an end by withdrawing its claims.
Precisely, the SEC and its Chair Gary Gensler are of the opinion that XRP is a security and have held on consistently to this narrative. It eventually led to a lawsuit against Ripple as well as Brad Garlinghouse and Chris Larson. However, on July 13th, Judge Analisa Torres ruled that the XRP token is not security when traded on secondary exchanges.
Rather than accept defeat, the regulator began to mull the idea of appealing the verdict citing that the decision is at odds with existing securities laws and the Howey test. Shortly after, the SEC approached the judge to make known its intention to appeal the decision. The U.S. regulator stated that Judge Torres’ ruling on XRP merits a reexamination by an appellate court.
The August 9th letter which was sent to the judge stated that “Interlocutory review is warranted here,” with the regulator citing the part of the ruling that it did not agree with.
Noteworthy, the judge allowed the SEC to file a motion to seek interlocutory appeal against her decision. A trial is set for the second quarter of next year where the final verdict is expected to be issued.
