SEC’s Lead Lawyer Exits, Fueling Escalation in Legal Dispute between Ripple and Coinbase
White & Case LLP, a global law firm, has expanded its White Collar Practice by adding Ladan Stewart, a seasoned attorney with 20 years of experience in the US Securities and Exchange Commission (SEC) enforcement and civil litigation, as its New York Partner.
This development follows Stewart’s notable role as the head of the SEC’s lawsuit against Coinbase and Ripple, with both cases being led by her.
In a press release dated February 21, 2024, White & Case LLP announced the appointment of Ladan Stewart as a partner in its White Collar Practice in New York. Joel M. Cohen, Global Head of White & Case’s Global White Collar Practice, emphasized Stewart’s extensive experience, stating that her recent role as the head of the SEC’s specialized crypto and cyber litigation unit is a significant asset given the increased regulatory scrutiny of the crypto industry in recent years.
Stewart served for over eight years in the SEC’s Division of Enforcement, where she played a crucial role as Assistant Director and Regional Trial Counsel leading 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 failing to register with the SEC.
As the head of the SEC’s crypto and cyber litigation unit since September 2022, Stewart played a pivotal role in litigations against major crypto entities, such as Coinbase Global Inc. and Ripple. With plans to develop a crypto and cyber defense practice at White & Case, Stewart stressed the ongoing importance of legal questions related to crypto, stating that “Crypto is here to stay.” It is evident that the SEC’s legal actions against crypto may weaken with one of its most experienced and senior lawyers now supporting crypto firms.
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 and demonstrates a significant overlap between legal expertise and financial innovation.
In addition to Stewart, White & Case also 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 US legal market.