One of the US government's most vocal anti-cryptocurrency lawyers has left his position to take a job in the private sector.
LaDan Stewart was the leader of the Crypto Assets and Cyber Division at the Securities and Exchange Commission (SEC). She has now joined international law firm White & Case to help build its cryptocurrency and cyber defense practice.
“Cryptocurrency is here to stay, and that has become very clear with the launch of a number of Bitcoin exchange-traded funds,” Steward said. bloomberg law During a recent interview. “Given its complexity and confusing law enforcement field, legal issues surrounding cryptocurrencies will likely be at the forefront for some time.”
The announcement confirms what was quietly revealed in a court filing last month. Stewart is withdrawing from the agency's case against Coinbase after helping spearhead charges against the cryptocurrency exchange in June.
At the time, the SEC accused Coinbase of illegally listing several crypto tokens that qualify as securities on its platform despite not registering as a stock exchange. Coinbase claims that none of the assets on its platform constitute “investment contracts” and therefore cannot be called securities.
Legal experts interviewed based on oral argument filed last month Decryption We thought Coinbase's arguments were persuasive and were optimistic that the exchange could dismiss the SEC's lawsuit outright. Their analysis came two days after Stewart resigned as SEC attorney.
In December, Andreessen Horowitz and Paradigm attorney Michael R. Dreeben separately withdrew from the lawsuit after filing briefs supporting Coinbase's claims.
It's unclear what clients Mr. Stewart will represent at White & Case. Her profile on White & Case's website states that her “unparalleled expertise in cryptocurrency enforcement and litigation allows her to advise clients as they navigate the ever-changing regulatory environment surrounding the cryptocurrency industry.” It's advertised.
The firm has previously represented companies such as Microsoft, Abbvie Inc., and GoldenTree Asset Management. Bloomberg also advised Fidelity on legal issues related to the Bitcoin Spot ETF, according to Bloomberg ETF analyst Eric Balchunas.
White and Case did not immediately respond. DecryptionThis is a comment request from .
The SEC was initially reluctant to approve a Bitcoin Spot ETF due to concerns about market manipulation, but later capitulated after losing a major lawsuit with Grayscale in August. After being approved last month, these ETFs have absorbed more than $5 billion in net flows.
Edited by Ryan Ozawa.
