Judge Allows Investment Banker Declarant in Ongoing SEC v. Ripple Labs Case
In the latest update in the legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs, Judge Analisa Torres has granted permission for an investment banker declarant to make an appearance. According to court documents, Andrew A. Kunsak from the law firm Sidley Austin LLP has been given the green light to serve as the investment banker declarant in the SEC v. Ripple Labs lawsuit.
This comes after Ripple objected to a similar appearance by an investment banker declarant linked to a law firm supporting the SEC. The defendants raised concerns about potential bias. However, the court has now approved Andrew A. Kunsak as the investment banker declarant.
Protecting Sensitive Details: Court Addresses SEC's Plea to Seal Documents
The court is now focusing on addressing orders that rejected the SEC's request to seal certain documents. These include the sealing of Hinman speech documents and information related to XRP sales, including programmatic and institutional sales.
The investment banker declarant's main objective is to protect their stakeholders in light of the SEC's intention to challenge Judge Torres' summary judgment decision. The SEC has submitted a motion for an interlocutory appeal regarding Judge Analisa Torres' ruling that programmatic sales of XRP do not qualify as securities under the Howey Test. They are also requesting a suspension of the ongoing proceedings until their concerns are resolved through court clarification.
Ripple Clarifies Its Position: Seeking Authorization to Lodge an Appeal
Meanwhile, Ripple's Chief Legal Officer, Stuart Alderoty, clarified that the organization is solely seeking court authorization to lodge an appeal and does not intend to challenge the ruling on XRP's classification as a security.
XRP Value Declines Amidst Legal Proceedings
In other news, over the past 24 hours, the value of XRP has dropped by 3%, currently standing at $0.60.
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