Ladan Stewart, a leading figure in the cryptocurrency division of the US Securities and Exchange Commission (SEC), left his position to join White & Case, a renowned US-based law firm.
Stewart, who has led the cryptocurrency department and cyber litigation unit Since September 2022, he played a key role in overseeing major litigation involving major players in the cryptocurrency industry, as reported by Bloomberg Law.
However, Stewart's latest career move signals a shift in his professional focus, moving away from hostile engagements with the nascent crypto industry.
Stewart's key role in the legal battle against Ripple and Coinbase
According to the crypto-litigation-unit-leader-leaves-to-join-white-case” target=”_blank” rel=”noopener nofollow”>reportOne of Stewart's notable cases involved leading the lawsuit against Coinbase, the largest US cryptocurrency exchange by trading volume, in June 2023. As a bitcoinist reportedThe lawsuit accused Coinbase of operating as an unregistered exchange, broker, and clearing agency.
Additionally, Stewart was part of the SEC team that participated in a multilateral negotiation. Legal battle with blockchain payments company Vibe on whether the XRP token should be classified as an unregistered security under the Howey test.
Stewart's departure from the SEC comes as the agency is attractive A New York federal judge's ruling that Ripple's XRP token is not a security when sold to the general public, contradicting the SEC's stance that most digital tokens are securities.
From SEC Application to crypto Legal Defense?
According to the Bloomberg Law report, by joining White & Case as a partner in the firm's white-collar defense group, Stewart aims to develop a “strong practice” specializing in cryptography and cyber defense.
Stewart emphasized the importance of the crypto industry's staying power, especially with the recent launch of several bitcoin exchange-traded funds (ETFs) on January 12.
Given the complexity of the industry and the turbulent law enforcement landscape, Stewart believes that legal issues related to digital assets will continue to be at the forefront. Stewart stated:
Cryptocurrencies are here to stay; That became abundantly clear with the launch of a slew of bitcoin exchange-traded funds. Given the complexity and turbulent scope of the law, the legal issues surrounding cryptocurrencies will be in the forefront for some time.
White & Case, on the other hand, has a global presence spanning more than 40 offices and a team of more than 2,600 attorneys and is recognized as one of the largest law firms in the United States. The company's major clients include industry giants such as Microsoft, Abbvie Inc. and GoldenTree Asset Management.
Stewart's experience and expertise in navigating the regulatory landscape Surrounding cryptocurrencies will be a valuable asset for White & Case, especially given the increased regulatory scrutiny the digital asset industry has faced in recent years, Joel Cohen, head of White & Case's White Collar Group, said in a statement.
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