Ladan Stewart, an attorney who previously worked for the United States Securities and Exchange Commission (SEC) and was involved in the enforcement case against Ripple, has joined the law firm White & Case. The firm, which often defends crypto companies, announced Stewart’s appointment as partner in New York, highlighting her experience in crypto enforcement cases. Stewart had played a role in litigating the SEC’s case against Ripple, but she left her position as an attorney in January after leaving the SEC. Joel Cohen, head of global white collar practice at White & Case, praised Stewart’s expertise in crypto and cyber litigation and stated that she is well-suited to counsel and defend crypto industry players against regulatory or private actions.
White & Case has a history of representing crypto firms in significant cases, including those involving the SEC. For example, one of their partners represented provisional liquidators overseeing FTX’s operations in the Bahamas after the exchange’s collapse in November 2022, and the firm has also worked with Celsius’ official creditor committee. Nicole Erb, another partner at White & Case, suggested that Stewart’s experience at the SEC’s Division of Enforcement would be valuable in advising clients facing scrutiny from the commission. Concerns have been raised about former government officials moving into the digital asset industry and potentially appearing opposite their former SEC colleagues in crypto enforcement cases.
Stewart believes that it is important for companies involved in crypto and fintech to seek advice from individuals who understand how regulators like the SEC approach these issues. She sees the movement of people from government to the private sector as a positive thing, as it allows them to share their expertise and skills that would not otherwise be available in the private sector. Stewart acknowledges the potential for conflicts of interest but assures that she will manage them appropriately.
During her time at the SEC, Stewart handled litigation against Ripple, former FTX CEO Sam Bankman-Fried, and Coinbase. She worked as counsel in the commission’s enforcement division for about eight years before joining White & Case. The SEC currently has ongoing lawsuits against Binance, Kraken, Ripple, Coinbase, and other firms in the digital asset space. The commission has faced criticism for its “regulation by enforcement” approach to crypto, which is seen as more aggressive compared to its treatment of traditional financial institutions.
It’s disappointing to see a former SEC attorney joining a law firm that represents crypto companies. The line between the regulator and the regulated is getting dangerously blurry. This doesn’t bode well for fair and unbiased enforcement.
So now the fox is joining the henhouse? This appointment only adds fuel to the fire of skepticism towards the SEC’s actions in the crypto industry. It’s a disappointing move that raises serious doubts about the fairness of regulatory proceedings.
This move raises serious doubts about the objectivity of regulatory actions in the crypto industry. 🤔 It’s disheartening to see a former SEC attorney now defending the very companies they were supposed to scrutinize. Where’s the accountability? 😞
Congratulations to Ladan Stewart on her new role at White & Case! Such an exciting opportunity for her in the crypto industry!
Another example of the corrupt revolving door between government and corporations. 🔄 It’s unsettling to witness such blatant disregard for ethics and public trust. This move only undermines confidence in the regulatory system. 😠
Eight years of experience at the SEC is impressive! Ladan Stewart must have gained so much knowledge during that time.
It’s unfortunate that the SEC’s approach to crypto has been seen as overly aggressive. Hopefully, with experienced individuals like Stewart involved, there can be more balanced regulation in the future.
I’m sorry, but how can we trust the regulatory system when attorneys involved in important crypto enforcement cases are now defending the very industry they once pursued? This seems like a clear conflict of interest.