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.
Former Ethereum Advisor Steven Nerayoff to Feature on John E. Deaton’s Podcast
A Complete Overview of Cryptocurrency Cloud Mining Platform – TopHash
9 Out of Every 10 Central Banks Around the World are Exploring CBDCs, Ripple Reports
XRP Is On Its Way to a Strong Comeback as Coin’s Rising Trading Volume Shows Growing Investor Interest
Research Uncovers Why XRP Is Japan’s Most Favored Cryptocurrency
Recent Press Release
CGMD Miner’s Low-Cost Coin Mining : Spend Less, Earn More!
As more players enter the cryptocurrency space, mining becomes more complex and requires more computing power. As a result, many...
Will Arbitrum Reach $1? ARB Struggles, SPCT Offers Better Prospects
As the crypto market recovers from Bitcoin’s (BTC) recent crash, Arbitrum (ARB) is enhancing its network capabilities to improve its...
Cardano (ADA) Lags, Analysts Predict VC Spectra (SPCT) Will Outpace it
Cardano’s (ADA) price has suffered despite the launch of Cardano’s Project Catalyst Testnet on August 25. Even when the news...
SUI and Hedera (HBAR) Slump Ahead of Token Unlocks, VC Spectra (SPCT) Gains Users
Token unlocks in crypto are typically bearish signs due to basic supply and demand. Analysts will keenly observe how Sui...
While Polkadot (DOT) Pauses, VC Spectra (SPCT) Offers a 220% Potential Upside!
VC Spectra (SPCT), a rising blockchain for investments and asset management, has grown considerably in its ongoing presale. Meanwhile, Polkadot...