High-powered attorney Douglas Samuel Zolkind has officially filed a motion to intervene in the SEC’s lawsuit against Ripple Labs. As Ripple Labs continues in its legal battle against the SEC, the New York-based attorney has indicated his intention to appear on behalf of the blockchain payments company.
The Persistent Legal Tussle Between Ripple And The SEC
Ripple Labs’ legal tussle with the SEC has shaken the crypto industry for the past few years. The regulator filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP.
The lawsuit seems to be calming down, as Ripple Labs recently secured partial victory in court. But despite the partial victory, many believe the fight with the SEC isn’t over. In light of this, former assistant attorney of the Southern District of New York, Douglas Samuel Zolkind, is looking to join the team defending Ripples Labs in court.
Douglas Zolkind is a partner of the popular law firm Debevoise & Plimpton LLP. His entry into Ripple’s legal team comes with years of experience in white-collar criminal defense, government investigations, and internal investigations.
While the outcome remains uncertain, with the SEC looking to appeal the court’s decision, Zolkind’s motion to intervene adds a new twist to an already dramatic saga.
XRP bears take control and pull price down to $0.68 | Source: XRPUSD on Tradingview.com
What The Addition Of New Legal Counsel Means For The Firm
The Ripple Labs’ legal team has had a few team member exit over the years, with the latest being Lisa Zornberg, who recently left to become Chief Counsel for the Mayor of NYC. Zolkind has maintained a robust law career and has defended corporate and individual clients in criminal and regulatory enforcement matters.
A recent ruling determined that the firm did not violate federal laws through the sale of XRP to regular investors. However, the SEC has expressed its displeasure with the ruling. Some legal experts have also expressed that the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for much longer.
US Judge Sarah Netburn also recently ordered a case settlement. However, the addition of Douglas Samuel Zolkind has given a boost to Ripple’s standing in the ongoing litigation. Zolkind’s entry is probably to bolster the defense team as it prepares for a possible appeal from the SEC.
The entire crypto industry awaits the final outcome, as many believe it will significantly shape the regulatory landscape for crypto in the coming years.
Featured image from PYMNTS, chart from Tradingview.com
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