In a surprising turn of events in the ongoing XRP Lawsuit, Ripple Labs CEO Brad Garlinghouse has hired a new defense attorney, Rahul Mukhi of the law firm Cleary Gottlieb Steen & Hamilton LLP. Mukhi will specifically be representing Garlinghouse in the lawsuit, which has raised questions about the unique implications of this representation choice for the broader crypto ecosystem. The lawsuit has witnessed several changes in attorney representation, not only for Garlinghouse but also for Ripple Labs and the defendants involved. However, Ripple has assured that these changes will not impact their argument regarding the status of XRP.
Rahul Mukhi is renowned for his expertise in complex litigation, enforcement, and investigations, and his presence on Garlinghouse’s defense team might strengthen their case. Many individuals in the digital currency ecosystem anticipate that the verdict in the SEC’s case against Garlinghouse and Chris Larsen will be dismissed, especially considering Judge Analisa Torres’ ruling that the trading of XRP on secondary marketplaces does not constitute securities. Regardless of the outcome, it is expected that the Ripple executives will either emerge unscathed or be required to pay minimal civil penalties for the institutional sales aspect of the ruling that classified them as investment contracts.