Cryptocurrency & Blockchain
Long recognized for its work guiding clients in various industries through their most significant regulatory and enforcement challenges, Paul, Weiss is at the forefront in helping financial institutions, fintech companies, investors, media and entertainment clients and technology companies navigate the new world of cryptocurrency and blockchain technology. Our multi-disciplinary team helps clients capitalize on the business opportunities, identify the challenges and mitigate the emerging legal risks of digital assets.
Marty Flumenbaum Named “Litigator of the Week” by The American Lawyer for Ripple Win
- July 21, 2023
The American Lawyer recognized litigation of counsel Marty Flumenbaum as a “Litigator of the Week” on July 21 for his part in winning a landmark summary judgment ruling for the cryptocurrency industry on behalf of leading enterprise blockchain company Ripple Labs Inc. and two executives. In a first-of-its-kind ruling, the court held that Ripple’s native digital token XRP is not a security.
Paul, Weiss represents Ripple co-founder, former CEO and Executive Chairman Chris Larsen, who faced SEC claims that he violated the federal securities laws by aiding and abetting over $2 billion in sales of XRP by Ripple and selling XRP on his own behalf over a five-year period—the first case the SEC lodged against an individual executive in the cryptocurrency sector not involving fraud. Also recognized were co-counsel Andrew Ceresney of Debevoise and Michael Kellogg of Kellogg Hansen, representing the company, and Matthew Solomon of Cleary, representing Ripple’s CEO. Litigation partners Michael Gertzman and Meredith Dearborn, counsel Robin Linsenmayer and associates Kristina Bunting, Sarah Prostko, Eli Adelman, Connor Ritschard and Jacob Humerick were also identified as core members of the trial team.
“The court’s ruling sets a significant precedent in the crypto space,” Marty says in the interview with The American Lawyer. “Depending on the circumstances of the particular case, those crypto industry participants targeted by the SEC may be able to rely on the court’s decision in mounting a defense to the SEC’s claims against them.”
» read the “Litigator of the Week” interview