Former SEC Chair Represents Ripple in XRP Lawsuit

Court records show that distributed ledger startup Ripple is being represented by two former Securities and Exchange Commission officials - including its onetime chairwoman, Mary Jo White - in an ongoing civil matter.

Twin filings reveal that White, along with Andrew Ceresney, are representing Ripple in a lawsuit first filed in May by investor Ryan Coffey.

Ceresney served as the SEC's director of enforcement between April 2013 and December 2016, with White serving as SEC chair between that period up until the end of the Obama administration in January of last year.

Their representation of Ripple was first reported by Law.com on Monday.

As previously reported, the proposed class-action lawsuit alleges that Ripple violated state and federal securities laws.

It centers around the question of whether XRP is a security, given its relationship with Ripple.

The lawsuit names XRP II, Ripple's registered and licensed MSB), and CEO Brad Garlinghouse among the defendants.

A representative for Ripple did not immediately respond to a request for comment.

Back in May, the company disputed the basis of the lawsuit and reiterated that it doesn't believe XRP is a security.

"Like any civil proceeding, we'll assess the merit or lack of merit to the allegations at the appropriate time. Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security," Tom Channick, Ripple's head of corporate communications, told CoinDesk at the time.