SECURITIES AND EXCHANGE COMMISSION v. RIPPLE LABS

20 Civ. 10832 (AT).

697 F.Supp.3d 126 (2023)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. RIPPLE LABS, INC., Bradley Garlinghouse, and Christian A. Larsen, Defendants.

United States District Court, S.D. New York.

Signed October 3, 2023.


Attorney(s) appearing for the Case

Jorge Gerardo Tenreiro, Richard R. Best, Daphna Abrams Waxman, Ladan Fazlollahi Stewart, Mark Raymond Sylvester, U.S. Securities and Exchange Commission, New York, NY, Benjamin Hanauer, Robert MacDonald Moye, U.S. Securities and Exchange Commission, Division, Chicago, IL, Marc Jonathan Jones, Peter Moores, United States Securities and Exchange Commission Boston Regional Office, Boston, MA, Pascale Guerrier, Securities and Exchange Commission, Miami, FL, for Plaintiff.

Andrew J. Ceresney, Douglas Samuel Zolkind, Erol Nazim Gulay, Lisa R. Zornberg, Mary Jo White, DeBevoise & Plimpton LLP, New York, NY, Anna Gressel, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, Andrew Edward Goldsmith, Bradley E. Oppenheimer, Gregory G. Rapawy, Michael Kerry Kellogg, Bethan R. Jones, Clayton Masterman, Collin White, Lillian Virginia Smith, Eliana M. Pfeffer, Reid Mason Figel, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, DC, Chiseul Kylie Kim, Massey & Gail LLP, Washington, DC, Christopher Sean Ford, DeBevoise & Plimpton LLP, San Francisco, CA, for Defendant Ripple Labs Inc.

Matthew Solomon, Caleb Robertson, Nicole Tatz, Nowell D. Bamberger, Michael Schulman, Cleary Gottlieb Steen & Hamilton LLP, Washington, DC, Bradley E. Oppenheimer, Michael Kerry Kellogg, Reid Mason Figel, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, DC, Alexander Javad Janghorbani, Rahul Mukhi, Samuel Loewenson LeVander, Cleary Gottlieb Steen & Hamilton LLP, New York, NY, Andrew J. Ceresney, Lisa R. Zornberg, DeBevoise & Plimpton LLP, New York, NY, for Defendant Bradley Garlinghouse.

Martin Flumenbaum, Michael E. Gertzman, Paul Weiss, New York, NY, Andrew J. Ceresney, Lisa R. Zornberg, DeBevoise & Plimpton LLP, New York, NY, Kristina Anne Bunting, Sarah J. Prostko, Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, NY, Meredith Richardson Dearborn, Paul, Weiss, Rifkind, Wharton & Garrison LLP, San Francisco, CA, Bradley E. Oppenheimer, Michael Kerry Kellogg, Reid Mason Figel, Kellogg, Huber, Hansen, Todd, Evans & Figel, P.L.L.C., Washington, DC, for Defendant Christian A. Larsen.

Brian Farkas, ArentFox Schiff LLP, New York, NY, for Amicus I-Remit, Inc.

Debra Lynn Fein, Stratford Law Firm, LLC, Fort Lauderdale, FL, for Amicus Debra L. Fein.

Avi Weitzman, Paul Hastings LLP, New York, NY, for Amici Investor Choice Advocates Network, Phillip Goldstein.

Joam Alisme, Alisme Law LLC, Brooklyn, NY, for Amicus SpendTheBits, Inc.

Jason P. Gottlieb, Morrison Cohen, LLP, New York, NY, for Amicus Blockchain Association.

Nola Breglio Heller, Milbank LLP, New York, NY, for Amicus Coinbase, Inc.

Robert Lee Boone, Wilmer Cutler Pickering Hale and Dorr LLP, New York, NY, for Amicus Crypto Council for Innovation.

Athanasia Charmani, George Eric Mastoris, Kerry Donovan, Winston & Strawn LLP, New York, NY, Brandon W. Duke, Winston & Strawn/Chicago, Houston, TX, for Amicus Valhil Capital, LLC.

Eileen Theresa Budd, Lewis Brisbois Bisgaard & Smith LLP, New York, NY, for Amicus Cryptillian Payment Systems, LLC.

Benjamin Lee Tompkins, Jeffrey Donoho, Kennyhertz Perry, LLC, Mission Woods, KS, for Amicus Veri DAO.

Frederick Anthony Rispoli, Hodl Law Cali, Ladera Ranch, CA, for Amicus Reaper Financial, LLC.

Scott David Brenner, Scott D. Brenner, Law Offices, New York, NY, for Amicus New Sports Economy Institute.

Kayvan Betteridge Sadeghi, Shailee Diwanji Sharma, Jenner & Block LLP, New York, NY, Lewis R. Cohen, Dlx Law, New York, NY, Michelle Kallen, Jenner & Block LLP, Washington, DC, Rodrigo Seira, Seattle, WA, for Amicus Paradigm Operations LP.


ORDER

Plaintiff, the Securities and Exchange Commission (the "SEC"), brings this action against Defendants Ripple Labs, Inc. ("Ripple") and two of its senior leaders, Bradley Garlinghouse and Christian A. Larsen, alleging that Defendants engaged in the unlawful offer and sale of securities...

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