The world of crypto is experiencing a major shakeup as the SEC, caught in intense legal battles with Coinbase and Ripple, bids farewell to its top lawyer, Ladan Stewart.
Her departure to White & Case, a law firm associated with Fidelity Investments, raises questions about the future of crypto regulation and adds another twist to ongoing lawsuits with significant implications for the industry.
Ladan Stewart, who led the SEC’s crypto unit and actions against coinbase and ripple, is leaving regulator to join White & Case in the white collar division to lead crypto group. This is firm that advised Fidelity in bitcoin ETF. Via @JustinFWise https://t.co/Lo5jdPPaTV pic.twitter.com/HdNfLuQkVM
— Eric Balchunas (@EricBalchunas) February 21, 2024
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Ladan Stewart, a seasoned SEC enforcement division member, was no ordinary lawyer. She spearheaded the agency’s crypto unit, leaving a lasting impact on the rules and regulations surrounding digital assets. Her involvement in high-profile actions against Coinbase and Ripple solidified her reputation as a key figure in shaping the legal landscape for cryptocurrencies.
Coinbase Case: From Accusation to Uncovering the Truth?
One of Stewart’s most notable actions was the lawsuit against Coinbase, accusing the exchange of operating as an unregistered securities platform.
Judge Failla’s recent scrutiny of Coinbase and the potential denial of their motion to dismiss has thrown a wrench into the proceedings. This could push the case into the discovery phase, where both sides intensify their fight by gathering evidence and building their arguments.
Ripple’s XRP Battle: Legal Limbo with Uncertain Regulations
Stewart also played a pivotal role in the SEC’s ongoing battle with Ripple over the security status of XRP. Despite a favorable ruling last year that deemed XRP not a security in public sales, the SEC’s appeal keeps the issue in a state of uncertainty.
Additionally, Ripple’s request for an extension to produce documents related to institutional XRP sales adds another layer of complexity. Legal briefs in the upcoming months will play a key role in determining the direction of this lawsuit.
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Read Also: Ripple Co-Founder Jed McCaleb Now Has Less Than 50 XRP. Here’s His Wallet Balance
Departure’s Impact: A Change in SEC’s Approach?
Stewart’s departure raises crucial questions about the future of crypto regulation at the SEC. Eric Balchuas, an ETF analyst at Bloomberg, presumes that her focus on Bitcoin ETFs might indicate potential policy shifts under Chairman Gensler. Only time will tell if her departure signals broader changes in how the SEC deals with cryptocurrencies.
This isn’t just about one lawyer leaving; it’s about the possibility of significant changes in the regulatory landscape that can impact the entire crypto industry. With the legal battles intensifying, investors and stakeholders find themselves navigating through uncertain terrain.
While the future remains uncertain, staying informed is crucial. Keep a close eye on legal proceedings, regulatory developments, and expert insights to make well-informed decisions during these turbulent times.
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