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Matthew C. Solomon is a Partner at Cleary Gottlieb Steen & Hamilton LLP, a law firm that represented Ripple Labs Inc. He was one of the attorneys who successfully represented Ripple and its executives in the legal battle against the United States Securities and Exchange Commission (SEC). [1][2]
Matt Solomon began his law career as a Law clerk at The Hon. Dennis Jacobs -- U.S. Court of Appeals for the Second Circuit from 1999 to 2001. In 2002 he served as a Trial Attorney at the DOJ Public Integrity Section until 2007. In 2008, he was an Assistant U.S. Attorney and then a Fraud Unit Chief at the United States Attorney's Office until 2012. [1]
In June 2012, Matt joined the US Securities and Exchange Commission (SEC) as a Deputy Chief Litigation Counsel and then was promoted to Chief Litigation Counsel in 2013. [1]
Cleary Gottlieb Steen & Hamilton LLP is a multinational law firm based in New York City that was founded in 1946. The firm provides legal services to a diverse range of clients including international and national business organizations, financial institutions, sovereign governments and their agencies, nonprofits and community organizations, as well as civil rights and human rights groups. [3]
In January 2017, Matt Solomon became a Partner at Cleary Gottlieb Steen & Hamilton LLP. His clients include global financial institutions, public and private companies (both foreign and domestic), private equity firms, asset managers, and individual corporate executives and employees. Solomon addresses a diverse range of issues, offering advice on regulatory compliance, remediation, and representing clients in advocacy and litigation against both government agencies and private entities. [2][3]
Leveraging his background as a federal prosecutor, supervisor, and SEC enforcement official, Solomon represents his clients' interests before criminal and regulatory authorities such as the SEC, DOJ, CFTC, FINRA, and State Attorneys General. [2]
In December 2020, the United States Securities and Exchange Commission (SEC) filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered digital asset securities offering. The complaint alleged that Ripple raised funds, beginning in 2013, through the sale of digital assets known as XRP in an unregistered securities offering to investors in the U.S. and worldwide. [4]
Cleary Gottlieb alongside Matt Solomon represented Ripple's CEO Brad Garlinghouse in successfully obtaining the dismissal with prejudice of the claim by the SEC that he aided and abetted certain of Ripple’s offers and sales of XRP, the native digital asset of the XRP Ledger, a public blockchain. [5]
By dismissing this claim, the SEC abandoned a trial that was slated to begin in April 2024. This follows Mr. Garlinghouse’s successful summary judgment motion with the Court dismissing all of the primary liability claims against him. He now has the full dismissal of all of the SEC’s claims against him.[5]
On July 13, 2023, Judge Analisa Torres of the Southern District of New York granted the defendants’ motion for summary judgment as to all of Mr. Garlinghouse’s personal sales of XRP and Ripple’s “programmatic” sales of XRP on digital asset exchanges. The Court also denied the SEC’s motion for summary judgment against Mr. Garlinghouse on the aiding and abetting claim, setting up a highly anticipated trial on this claim for April 2024. On October 3, 2023, the Court denied the SEC’s motion for leave to appeal and to stay the trial. [5]
On October 19, 2023, rather than attempting to prove its claims at trial, the SEC voluntarily dismissed the remaining claim against the executives Mr. Garlinghouse and Chris Larsen. All claims against Mr. Garlinghouse have now been dismissed, resulting in a victory for the defendants over the SEC in a litigated case. [5]