In the latest development in the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs, Judge Torres approves a notice of appearance for an investment banker declarant. Ripple had earlier opposed an appearance for an investment banker declarant from the same law firm that sided with the US SEC in their declaration, raising concerns for defendants.
Judge Analisa Torres approves Andrew A. Kunsak of the law firm Sidley Austin LLP to appear as investment banker declarant in the US SEC v. Ripple Labs lawsuit, according to a court filing.
“Andrew A. Kunsak of Sidley Austin LLP, 787 Seventh Avenue, New York, New York 10019, a member of this Court in good standing, hereby respectfully enters an appearance for Investment Banker Declarant in the above-captioned action.”
The court aims to avoid disclosure of any confidential information in response to an earlier order sealed by the court. It refers to orders denying SEC’s motion to seal Hinman Speech Documents and denying Ripple’s motion to seal revenues with XRP sales and programmatic and institutional sales of XRP. The investment banker declarant wants to protect their stakeholders amid uncertainty as SEC looks to appeal Judge Torres’ summary judgment ruling.
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SEC filed a motion for an interlocutory appeal against Judge Analisa Torres’s ruling that programmatic sales of XRP are not securities under the Howey Test. The securities regulator also looks for a stay on further proceedings until SEC’s concerns are cleared by the court.
Meanwhile, Ripple chief legal officer Stuart Alderoty said the agency is only seeking the court’s permission to file an appeal and not seeking to appeal against the decision of XRP a security.
XRP price fell 3% in the last 24 hours, with the price currently trading at $0.60. However, the sentiment for upside momentum remains high in the crypto community.
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