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Ex-SEC officials to represent Ripple Labs in lawsuit related to sales of tokens

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Ex-SEC officials to represent Ripple Labs in lawsuit related to sales of tokens

Mary Jo White and Andrew Ceresney, former officials of the SEC, are to represent Ripple Labs Inc. in the lawsuit that alleges that the company has been conducting unregistered securities sales of its XRP tokens, CoinDesk reported.

White served as chairwoman of the SEC from 2013 to 2017, while Ceresney served as the federal agency's director of enforcement between 2013 and 2016. White currently serves as senior chair at Debevoise & Plimpton LLP, and Ceresney also works at the same law firm, the news outlet reported.

The lawsuit accuses Ripple Labs of creating the coins and then selling them to the public in a "never-ending initial coin offering," generating unmerited profit in the process.

In addition, the lawsuit has moved to the U.S. District Court for the Northern District of California from the San Francisco County Superior Court, according to the news story originally published June 4.