Ripple’s general counsel, Stuart Alderoty, is a Wall Street veteran who has been the outspoken face of its legal battle with the SEC. Alderoty turned to an all-star lineup from the law firms Debevoise, Paul Weiss, and Cleary Gottlieb.
White and former SEC enforcement director Andrew Ceresney, who is also at Debevoise, along with Cleary Gottlieb partner Matt Solomon, a former SEC chief litigation counsel, are among the attorneys who represented Ripple and its executives.
The Ripple decision stalls the momentum the agency built in the preceding months. But it will also likely incentivize the SEC to “double down” on its position on what constitutes an investment contract before other court venues, said UCLA law professor James Park.
“The lawyers are going to make more money because the SEC will continue litigating,” Park said. “I imagine [the agency] will get the resources to keep up with these large defense firms, given how important this issue is to the SEC.”
‘Enforcement 40’ for 2020
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