Ripple and Coinbase Legal Drama Intensifies with Departure of SEC’s Lead Lawyer

Global law firm White & Case LLP made significant strides recently, expanding its White Collar Practice with the addition of Ladan Stewart, “a seasoned US Securities and Exchange Commission enforcement attorney and civil litigator with 20 years of experience,” as its New York Partner.

This comes after Stewart’s notable role as the head of the SEC’s lawsuit against Coinbase and Ripple, with both lawsuits being led by Stewart.

Ladan Stewart Joins White & Case

In a press release dated February 21, 2024, White & Case LLP announced the addition of Ladan Stewart to its White Collar Practice as a partner in New York.

Joel M. Cohen, Global Head of White & Case’s Global White Collar Practice, highlighted Stewart’s extensive experience, stating, “Ladan’s most recent role as the head of the SEC’s specialized crypto and cyber litigation unit is a significant asset given the heightened regulatory scrutiny of the crypto industry in recent years.”

How Beneficial is Stewart’s Addition?

Stewart served for over eight years in the SEC’s Division of Enforcement, where she played a pivotal role as Assistant Director and Regional Trial Counsel heading the SEC’s crypto and cyber litigation unit.

This unit, the first of its kind at the SEC, focused on addressing legal challenges in the rapidly evolving crypto industry. Stewart led significant litigations, including actions against crypto trading platforms for failure to register with the SEC.

Stewart, who headed the SEC’s crypto and cyber litigation unit since September 2022, played a pivotal role in litigations against major crypto entities, including Coinbase Global Inc. and Ripple. With plans to develop a crypto and cyber defence practice at White & Case, Stewart emphasized the enduring importance of crypto-related legal questions, stating, “Crypto is here to stay.”

Needless to say, the SEC’s legal play against crypto is deemed to grow weak with one of its most expertise and senior lawyers now supporting crypto firms.

Bitcoin ETPs Next?

Following Ladan Stewart’s addition, White & Case advised Fidelity International on the structuring and launch of its Fidelity Physical Bitcoin ETP. This move marks Fidelity International’s entry into exchange-traded notes backed by cryptocurrencies, demonstrating a significant intersection between legal expertise and financial innovation.

Nonetheless, alongside Stewart, White & Case welcomed John Cahill, a corporate real estate specialist, to its New York office. The law firm has strategically invested in key practices, including White Collar, to strengthen its position in the U.S. legal market.