Ripple’s CEO, Brad Garlinghouse, has hired Attorney Rahul Mukhi as his legal representative in the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). Mukhi, a partner at Cleary Gottlieb and former Assistant US Attorney, has an extensive background in prosecuting cases involving public corruption, cybercrime, money laundering, and financial and tax fraud. His experience in government and regulatory investigations makes him an ideal choice for Garlinghouse’s defense.
The decision to hire Mukhi may also be attributed to the trend of co-defendants in a case having different attorneys representing their interests. It is not uncommon for individuals facing legal action to seek legal counsel with specific expertise in their respective areas of the case. In addition to Garlinghouse’s new attorney, Ripple’s legal team has undergone changes recently, with Lisa Zornberg withdrawing from the team after her departure from Debevoise and Plimpton LLP. However, several attorneys from the same firm still represent Ripple.
While the case between Ripple and the SEC appears to be moving forward, many experts speculate that it is unlikely to go to trial. This belief is based on the assumption that the SEC initiated the case merely to put pressure on Ripple and force them into a settlement. Legal expert Fred Rispoli suggests that the SEC does not intend to maintain the suit against Garlinghouse and Ripple’s co-founder, Chris Larsen. This view is supported by the possibility of calling former SEC Chair Jay Clayton and former SEC Director William Hinman to the witness stand, which could potentially damage the SEC’s credibility.
Hinman’s involvement in the case has been a topic of discussion, as pro-XRP lawyer John Deaton anticipates that his cross-examination would be of significant magnitude if the case were to proceed to trial. Hinman is known for his influential 2018 speech on the regulatory status of cryptocurrencies, specifically regarding Ethereum. If called as a witness, his testimony could have far-reaching implications for the SEC’s case against Ripple’s founders.
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It is important to note that the outcome of this legal battle has significant implications for the cryptocurrency industry as a whole. The SEC’s actions against Ripple and their classification of Ripple’s XRP token as a security could have ripple effects throughout the market. The outcome of this case will likely set a precedent for how regulators treat cryptocurrencies and their associated tokens.
In terms of the market, the price of XRP has experienced volatility as a result of the legal uncertainty surrounding Ripple. However, it is worth mentioning that the price recently reclaimed $0.5, indicating some degree of stability and recovery. Investors and industry participants are closely monitoring developments in the case, as they have the potential to impact the overall market sentiment and future of cryptocurrencies.
In conclusion, Ripple’s CEO Brad Garlinghouse has enlisted the services of Attorney Rahul Mukhi to represent him in the legal battle against the SEC. Mukhi’s experience and expertise make him an excellent choice for Garlinghouse’s defense. While there is speculation that the case may not go to trial, the involvement of key witnesses such as former SEC officials could complicate the situation. The outcome of this case will have significant implications for the cryptocurrency industry, and market participants are closely watching its developments.
