- Judge Torres approves Andrew A. Kunsak’s appearance as the investment banker declarant in Ripple vs US SEC.
- SEC files a motion for interlocutory appeal, challenging Judge Torres’s earlier ruling.
Investment Banker Steps into Ripple vs SEC Tangle
In the intricate tapestry of the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, a new thread has been woven. Judge Analisa Torres has given her assent for the inclusion of an investment banker declarant, a decision that saw resistance from Ripple previously due to the chosen law firm’s affiliation with the SEC.
Behind the Courtroom Doors:
Andrew A. Kunsak, representing the prestigious law firm Sidley Austin LLP, has been sanctioned to make his appearance for the said role in the SEC vs Ripple Labs lawsuit. As highlighted in the court document, Kunsak’s entry is tailored to ensure that no confidential details seep out, respecting a prior court order that had sealed certain information. Specifically, this pertains to the SEC’s motion around Hinman Speech Documents and Ripple’s motion related to its revenue details from XRP sales.
Given the complexities of blockchain and the crypto world, such lawsuits often wade into territories that might jeopardize sensitive business or stakeholder information. This move by the court appears to be a preemptive measure to safeguard such data, especially in light of the SEC’s intention to appeal against a recent judgment by Judge Torres.
A Tug of War Over Securities:
In a notable pivot, the SEC has presented a motion for an interlocutory appeal. Their contention lies against Judge Torres’s pronouncement which declared that programmatic sales of XRP aren’t deemed securities, as per the famed Howey Test. This is a paramount distinction in the world of cryptocurrency, delineating the thin line between regular digital assets and those that could be classified as investment contracts, with the latter falling under the purview of more stringent regulations.
As the legal plot thickens, Stuart Alderoty, Ripple’s Chief Legal Officer, articulated that the SEC’s current endeavor is merely to seek the court’s nod for an appeal. Contrary to some misconceptions, they aren’t directly appealing the verdict on XRP’s status as a security.
In the volatile cryptoverse, XRP’s price experienced a dip of 3%, now hovering around $0.60. Yet, the overarching sentiment in the crypto aficionado community remains bullish, anticipating a favorable upswing.