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Despite Ripple’s Opposition, the Court Permits the Appearance of investment banker declarant in the SEC-Ripple Lawsuit




In the latest developments within the legal proceedings involving Ripple Labs and the United States Securities and Exchange Commission (SEC), the court is addressing issues pertaining to the sealing of documents related to the Hinman speech and information concerning XRP sales, which both the SEC and Ripple sought to keep confidential.

Judge Analisa Torres, who is overseeing the case, has approved the involvement of Andrew A. Kunsak, an investment banker from the law firm Sidley Austin LLP, as a declarant in the ongoing legal matter titled U.S. SEC v. Ripple Labs.

Earlier, Ripple had raised objections when an investment banker declarant associated with a law firm supporting the SEC’s stance was allowed to appear, causing concerns among the defendants.

The court’s objective is to address issues related to the SEC’s denial of the request to keep the Hinman speech documents confidential, as well as Ripple’s appeal to maintain the secrecy of information concerning both programmatic and institutional transactions involving XRP sales. These steps are taken to safeguard sensitive information in line with previous court directives.

The main objective of the investment banker making the declaration is to safeguard their stakeholders given the SEC’s plan to challenge the summary judgment ruling by Judge Torres.

The SEC has submitted a motion requesting an interlocutory appeal following Judge Analisa Torres’ ruling that categorized programmatic XRP sales as not falling under securities classification according to the Howey Test. Additionally, the SEC is seeking a suspension of the ongoing legal proceedings until its concerns receive clarification from the court.

Stuart Alderoty, Chief Legal Officer at Ripple, clarified that the organization’s focus is solely on obtaining court authorization to file an appeal and has no plans to dispute the ruling regarding XRP’s classification as a security.

Over the past 24 hours, the value of XRP has experienced a decline of 3%, currently resting at a price of $0.60.

Tabassum is an enthusiastic author, web geek, writer & digital marketer, with experience writing for tech, digital and cryptocurrency blogs.

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