Head of SEC’s Crypto Legal Team Exits for Private Firm

cryptonews.com:

The leader of the Securities and Exchange Commission’s (SEC) crypto and cyber litigation legal team has left to join private firm White & Case, according to a February 21 press release.

White & Case announced that Ladan Stewart had joined the firm as a partner in its white-collar defense group.

Stewart spent eight years in the SEC’s enforcement division and has led the Commission’s crypto and cyber litigation unit since September 2022. The unit was the first-ever specialized litigation department at the SEC.

At the SEC, Stewart led the lawsuit filed against crypto exchange Coinbase in June 2023, alleging that it operated without proper registration as a securities exchange, broker, and clearing agency. She also played a key role in the prolonged legal battle between the SEC and the digital payment protocol Ripple, questioning whether its XRP token qualifies as an unregistered security.

A federal judge in New York ruled last year that Ripple’s XRP token is not considered a security when sold to the general public, a decision celebrated by the industry as a triumph. Despite this, SEC Chair Gary Gensler has opted to challenge the ruling by filing an appeal.

Gensler has been viewed as a strong crypto critic, holding the view that most digital tokens are securities.

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