Ripple Labs Strengthens Defense Team Ahead of Q2 2024 Trial

In a significant development, seasoned attorney Rahul Mukhi, known for his expertise 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 will be working alongside two other attorneys from Cleary Gottlieb Steen & Hamilton LLP, strengthening the defense against the ongoing lawsuit from the Securities and Exchange Commission (SEC).

The SEC has filed charges against Ripple executives, including Garlinghouse, alleging their involvement in the distribution of XRP as an unregistered security. This case has garnered significant attention in the cryptocurrency sector, as it aims to clarify the regulatory framework for digital assets.

Mukhi’s addition is particularly noteworthy given his former role as an Assistant Attorney in the Southern District of New York (SDNY), where he gained extensive experience in handling international crime matters.

Despite the SEC’s interlocutory appeal and a request to pause other proceedings, the trial is scheduled to proceed in the second quarter of 2024. This follows a federal court ruling determining that most transactions conducted by Ripple, including XRP sales, do not constitute investment contracts. The defense team has already established blackout dates in anticipation of the upcoming trial.

The outcome of this lawsuit could have significant ramifications for Ripple Labs and the wider cryptocurrency market. Consequently, this case is expected to attract close scrutiny in the months ahead.

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