Judge Torres Approves Investment Banker’s Appearance in Ripple vs. SEC Case
In the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, a significant development has emerged. Judge Analisa Torres has granted approval for Andrew A. Kunsak, an investment banker from the law firm Sidley Austin LLP, to appear as a declarant. This move aims to safeguard confidential information and address concerns that arose when Ripple opposed a similar appearance from the same law firm that supported the SEC’s stance.
The court’s decision is intended to prevent the disclosure of sensitive details outlined in previous sealed orders. These orders pertain to the sealing of documents related to the Hinman Speech and the revenue information linked to XRP sales. The investment banker declarant, through their appearance, seeks to protect their stakeholders amidst the ongoing uncertainty surrounding the case. This development follows Judge Torres’ summary judgment ruling, which the SEC is reportedly planning to appeal.
US SEC Requests Interlocutory Appeal
The US Securities and Exchange Commission (SEC) has filed a motion for an interlocutory appeal against Judge Analisa Torres’s decision that programmatic sales of XRP are not considered securities under the Howey Test. The SEC is also seeking a stay on further legal proceedings until its concerns are addressed by the court.
In response, Ripple’s Chief Legal Officer, Stuart Alderoty, clarified that the agency is seeking permission from the court to file an appeal and is not challenging the court’s decision that XRP is not a security.
XRP’s price has experienced a 3% decline over the last 24 hours, currently trading at $0.60. Despite this dip, optimism for upward movement in the crypto community remains strong.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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