March 27, 2024
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SEC vs. Ripple Lawsuit Takes New Turn as Judge Grants Investment Banker Declarant Role

Judge Analisa Torres has granted permission for an investment banker declarant to take part in the legal proceedings of the U.S. Securities and Exchange Commission’s (SEC) case against Ripple Labs. The investment banker, Andrew A. Kunsak from Sidley Austin LLP, has been allowed to serve as a declarant in the ongoing SEC v. Ripple Labs lawsuit.

This development comes after Ripple raised objections to a similar appearance by an investment banker declarant associated with a law firm supporting the SEC’s stance. The involvement of the investment banker declarant is aimed at safeguarding stakeholders’ interests amidst the SEC’s plan to challenge Judge Torres’ summary judgment decision.

The court is addressing issues related to orders concerning the sealing of the Hinman speech documents as requested by the SEC and Ripple’s plea to seal information regarding XRP sales, including programmatic and institutional sales. The objective is to prevent the disclosure of sensitive details, as directed by a previously sealed court order.

The SEC has filed a motion seeking an interlocutory appeal regarding Judge Torres’ ruling that programmatic sales of XRP do not meet the criteria of securities according to the Howey Test. Alongside this, the regulatory body is also seeking a suspension of ongoing proceedings until the court offers clarification on its concerns.

Stuart Alderoty, Chief Legal Officer of Ripple, clarified that Ripple’s aim is solely to gain court authorization for lodging an appeal and not to contest the decision regarding XRP’s classification as a security.

In the past 24 hours, the value of XRP has experienced a 3% decrease, currently trading at $0.60. The court’s decision to include an investment banker declarant in the legal proceedings could significantly impact the case’s outcome as both Ripple and the SEC navigate the complex regulatory landscape surrounding cryptocurrency classification and sales practices.

Image by wirestock on Freepik

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