Head of SEC’s Crypto Legal Team Exits for Private Firm
The leader of the Securities and Exchange Commission’s (SEC) crypto and cyber litigation legal team has left to join private firm White & Case, according to a February 21 press release.
White & Case announced that Ladan Stewart had joined the firm as a partner in its white-collar defense group.
Stewart spent eight years in the SEC’s enforcement division and has led the Commission’s crypto and cyber litigation unit since September 2022. The unit was the first-ever specialized litigation department at the SEC.
At the SEC, Stewart led the lawsuit filed against crypto exchange Coinbase in June 2023, alleging that it operated without proper registration as a securities exchange, broker, and clearing agency. She also played a key role in the prolonged legal battle between the SEC and the digital payment protocol Ripple, questioning whether its XRP token qualifies as an unregistered security.
A federal judge in New York ruled last year that Ripple’s XRP token is not considered a security when sold to the general public, a decision celebrated by the industry as a triumph. Despite this, SEC Chair Gary Gensler has opted to challenge the ruling by filing an appeal.
Gensler has been viewed as a strong crypto critic, holding the view that most digital tokens are securities.
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