Ripple Labs CEO Brad Garlinghouse hires a new defense attorney, Rahul Mukhi, sparking intrigue in the crypto community.
In an unexpected turn of events within the ever-evolving XRP lawsuit saga, Ripple Labs CEO Brad Garlinghouse has made a significant move by enlisting the services of a new defense attorney. Today, a notice of appearance was officially filed in court, announcing the prominent attorney Rahul Mukhi from Cleary Gottlieb Steen & Hamilton LLP as Garlinghouse’s dedicated legal counsel.
This development has sent shockwaves throughout the crypto community, particularly due to the unique positioning of Mukhi solely representing Brad Garlinghouse rather than both Garlinghouse and Ripple Labs founder Chris Larsen, who are both defendants in the ongoing lawsuit.
XRP Legal Battle: A Shifting Landscape Of Legal Counsel
The XRP lawsuit has witnessed a series of shifts in attorney representation on various fronts, including the United States Securities and Exchange Commission (SEC), Ripple Labs, and the named defendants. Two SEC lawyers, Richard Best and Robert Moye, departed from the case in August, potentially leaving room for new legal figures to step in. While such attorney transitions are not uncommon in legal battles, the situation with Ripple has been unique.
Despite these changes, Ripple Labs has maintained its stance that the departure of some of its lawyers will not impact its overall argument regarding the status of XRP within the framework of securities regulations.
Rahul Mukhi is widely recognized as a distinguished legal practitioner, earning accolades for his complex litigation, enforcement, and investigations expertise. With his addition to Brad Garlinghouse’s defense team, industry experts speculate that this move could bolster Garlinghouse’s position in the lawsuit, which many believe is unjustly targeting him and Chris Larsen.
Within the digital currency community, there is a growing anticipation that the outcome of the SEC’s case against Garlinghouse and Larsen may ultimately result in a dismissal. This optimism stems from a prior ruling by Judge Analisa Torres, who concluded that trading XRP on secondary markets does not constitute securities. However, the exact trajectory of the case remains uncertain, and the expectation is that the Ripple executives will either emerge unscathed or face limited civil penalties related to the institutional sales aspect highlighted in the current legal proceedings.