SEC Leader Resigns, Stating ‘Crypto Is Here To Stay’ Following Bitcoin ETF Approvals

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Ladan Stewart, a distinguished determine within the US Securities and Trade Fee’s (SEC) crypto division, has left her place to affix White & Case, a famend legislation agency primarily based in the US.

Stewart, who has led the SEC’s crypto and cyber litigation unit since September 2022, performed a pivotal position in overseeing vital litigation involving main gamers within the cryptocurrency trade, as reported by Bloomberg Legislation.

Nonetheless, Stewart’s newest profession transfer signifies a shift in her skilled focus away from hostile engagements with the nascent crypto trade.

Stewart’s Key Position In Authorized Battle In opposition to Ripple And Coinbase

In line with the report, certainly one of Stewart’s notable circumstances concerned main the lawsuit in opposition to Coinbase, the biggest cryptocurrency alternate in the US by buying and selling quantity, in June 2023. As Bitcoinist reported, the lawsuit accused Coinbase of working as an unregistered securities alternate, dealer, and clearing company.

As well as, Stewart was a part of the SEC crew that engaged in a multi-sided authorized battle with blockchain funds firm Ripple over whether or not the XRP token ought to be categorised as an unregistered safety underneath the Howey check.

Stewart’s departure from the SEC comes when the company is interesting a New York federal decide’s ruling that Ripple’s XRP token is just not a safety when bought to most of the people, contradicting the SEC’s stance that the majority digital tokens are securities.

From SEC Enforcement To Crypto Authorized Protection?

In line with Bloomberg Legislation’s report, becoming a member of White & Case as a associate within the agency’s white-collar protection group, Stewart goals to develop a “sturdy observe” specializing in crypto and cyber protection.

Stewart emphasised the significance of the crypto trade’s endurance, particularly with the current launch of a number of Bitcoin Trade Traded Funds (ETFs) on January 12.

Given the trade’s complexity and turbulent enforcement panorama, Stewart believes that authorized questions surrounding digital property will proceed to be on the forefront. Stewart acknowledged:

Crypto is right here to remain—that’s change into very clear with the launch of a slew of Bitcoin exchange-traded funds. Given the complexity and the turbulent enforcement enviornment, authorized questions surrounding crypto are going to be on the forefront for a while.

White & Case, however, has a worldwide presence spanning over 40 workplaces and a crew of greater than 2,600 attorneys and is acknowledged as one of many largest legislation corporations in the US. The agency’s main shoppers embody trade giants akin to Microsoft, Abbvie Inc., and GoldenTree Asset Administration.

Stewart’s expertise and experience in navigating the regulatory panorama surrounding cryptocurrencies might be a helpful asset to White & Case, particularly given the heightened regulatory scrutiny the digital asset trade has confronted in recent times, mentioned Joel Cohen, head of White & Case’s White Collar Group, in a press release.