An important development drew attention in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs. Judge Analisa Torres gave the green light to the appearance of an investment banker declarant. The decision comes after Ripple initially opposed the inclusion of an investment banker filing from the same law firm as the SEC. It raised concerns among the defendants. Here are the latest developments that draw attention to the Ripple case…
Important decision announced for Ripple case
From renowned law firm Sidley Austin LLP to legal professional Andrew A. Kunsak, SEC v. He was given permission by Judge Torres to act as an investment banker statement in the Ripple Labs case. This important decision was announced in an official court file. Details of the hearing were summarized in the statements: “Andrew A. Kunsak, Sidley Austin LLP, 787 Seventh Avenue, New York 10019, 10019, as a bona fide member of this Court, is honorably present as the Investment Banker Declarant in the aforementioned case.”
The general purpose of the court is to prevent the disclosure of confidential information in response to an earlier and sealed court decision. This decision concerns two important refusals. The first is the SEC’s request to seal the Hinman Speech Papers. The second is Ripple’s request to seal information on revenues from both programmatic and institutional XRP sales. Investment banker declaratory involvement stems from a desire to protect stakeholder interests amid ongoing uncertainties, particularly as the SEC is considering an appeal following Judge Torres’ summary judgment.
US SEC filed interim appeal
As the legal drama continues, the US SEC has filed a provisional appeal against Judge Torres’ decision that programmatic sales of XRP do not fall within the security definition determined by the Howey Test. In addition to asking the court for permission to file an appeal, the SEC also intends to suspend other proceedings until the court resolves its concerns. Stuart Alderoty, Ripple’s Chief Legal Officer, clarified the institution’s stance, arguing that their intention was to seek permission from the court to appeal, rather than challenge XRP’s classification as a security.
Amid the legal battles, the price of XRP has fluctuated. According to cryptokoin.com data, it has experienced a 3 percent decrease in the last 24 hours. This resulted in the cryptocurrency being valued at $0.60 at the time of writing. However, the general sentiment within the crypto community remains optimistic about the potential for upside momentum in the near future. In the coming period, more developments are expected for the Ripple case.
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