In a surprising turn of events in the ongoing XRP lawsuit, Ripple Labs CEO Brad Garlinghouse has enlisted the services of a new defense attorney. Rahul Mukhi from the law firm Cleary Gottlieb Steen & Hamilton LLP will now be representing Garlinghouse in court. This decision to have separate attorneys for Garlinghouse and Ripple Labs founder Chris Larsen has raised speculation about the potential significance of this unique legal representation.
The XRP lawsuit has witnessed numerous changes in attorney representation, involving the United States Securities and Exchange Commission (SEC), Ripple Labs, and the defendants. Coingape previously reported that two lawyers representing the SEC, Richard Best and Robert Moye, left the team in August, leaving a representation gap that may soon be filled. Ripple has assured stakeholders that the departure of some of its lawyers will not impact its argument about the status of XRP.
Rahul Mukhi is a highly regarded lawyer with a strong reputation for his work in complex litigation, enforcement, and investigations. While industry experts have suggested that Garlinghouse and Larsen are unjustly being sued by the SEC, the addition of Mukhi to Garlinghouse’s defense team might strengthen their case. There is widespread anticipation for the lawsuit’s outcome following Judge Analisa Torres’ ruling that the trading of XRP on secondary marketplaces does not constitute securities. It is expected that the Ripple executives will either emerge unscathed or face minimal civil penalties for the institutional sales aspect mentioned in the current ruling.