Ripple has had quite a rough year. While the globe has been battling with the second wave of COVID, Ripple dealt with the lawsuit issued by the Securities and Exchange Commission [SEC] of the United States of America. As the lawsuit prolongs, Chris Larsen, who was also charged for being a part of the company, has found a new attorney to represent him in the case.
The SEC went on to label XRP as a security. In addition, it accused Ripple of engaging in the sales of “unregistered securities.” It charged the platform’s current and former CEO, Brad Garlinghouse, as well as Chris Larsen, respectively, of being a part of the same.
Ripple was represented in the case by a team of 21 lawyers, while Larsen was represented by four lawyers, namely Kristina Anne Bunting, Justin David Ward, Martin Flumenbaum, and Michael E. Gertzman. Another name was added to this list as a new lawyer jumped onboard.
Ripple vs. SEC
James K.Filan, an attorney representing the crypto platform, revealed that attorney Sarah J. Prostko was the latest to join Larsen’s team of lawyers. Welcoming the attorney, Filan tweeted,
“Attorney Sarah J. Prostko has appeared in the case on behalf of Chris Larsen. Welcome to Team Ripple.”
With a B.A. degree from American University, Prostko went on to finish law at the New York School of Law, J.D.
The case has been taking many turns and about two months ago, the SEC sought the personal financial records of Garlinghouse as well as Larsen, however, the court shot down this demand calling it “irrelevant” to the case.
Additionally, Garlinghouse and several others including the XRP army was seen yearning for better regulations. With the change in leadership in the SEC, Garlinghouse hopes for better days for the platform. He said,
“I’m hopeful that as a new administration comes into the SEC, there’s an opportunity to revisit some of those conversations. And as you may know, and may recall Jay Clayton as the chair of the SEC, the day before he left office, he brought this lawsuit against Ripple and against me personally, against Chris Larson personally. And we don’t think that made a lot of sense, given that XRP had been trading in the marketplace for eight years, literally nearly a trillion dollars of XRP has traded out there.”