SEC v. Ripple: Judge greenlights investment banker declarant’s entry

The court seeks to address issues related to orders that rejected the SEC’s plea to seal the Hinman speech documents and Ripple’s request to seal information regarding XRP sales.

In the most recent update in the legal proceedings of the United States Securities and Exchange Commission (SEC) against Ripple Labs, Judge Torres grants permission for an investment banker declarant to make an appearance. 

According to a court filing, Judge Analisa Torres granted permission for Andrew A. Kunsak from the law firm Sidley Austin LLP to serve as an investment banker declarant in the ongoing lawsuit of U.S. SEC v. Ripple Labs.

Previously, Ripple had objected to a similar appearance by an investment banker declarant affiliated with the law firm that supported the U.S. SEC’s position, prompting concerns among the defendants.

“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.”

In an effort to prevent the divulgence of sensitive details as per a previously sealed court directive, the court seeks to address issues related to orders that rejected the SEC’s plea to seal the Hinman speech documents, as well as Ripple’s request to seal information regarding XRP sales, including programmatic and institutional sales.

The investment banker declarant’s objective is to safeguard their stakeholders in light of the SEC’s intent to challenge Judge Torres’ summary judgment decision.

The SEC has submitted a motion seeking an interlocutory appeal concerning Judge Analisa Torres’ verdict that programmatic sales of XRP do not fall under the classification of securities according to the Howey Test. Additionally, the regulatory body is requesting a suspension of ongoing proceedings until its concerns are resolved through court clarification.

Related: SEC delays set deadlines for Bitcoin ETF approval to early 2024

Meanwhile, Stuart Alderoty, chief legal officer at Ripple, clarified that the organization is solely pursuing court authorization to lodge an appeal and is not intending to challenge the ruling on XRP’s classification as a security.

Over the past 24 hours, the value of XRP has decreased by 3%, currently standing at $0.60. 

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