The ongoing legal tussle between Ripple and the US Securities and Exchange Commission (SEC) has taken a new turn as an investment banker declarant has been granted approval by Judge Analisa Torres to make an appearance.
Judge Allows Investment Banking Declarant To Appear In XRP Suit
A new investment banker declarant is set to appear in the SEC vs Ripple lawsuit after approval by Judge Torres of the U.S. Southern District Court.
As per court filings, the approved declarant is Andrew A. Kunsak of Sidley Austin LLP, and he is being onboarded so as to avoid divulging the sensitive information order sealed by the court.
“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.”
Ripple had previously opposed a similar appearance by an investment banker declarant from the law firm that sided with the SEC’s position, raising serious concerns for the defendants.
With the entry of the investment banking declarant, the court aims to address issues related to orders that rejected the SEC’s request to seal the Hinman speech files and Ripple’s plea to keep private details associated with the financials of its defending executives.
The move by Judge Torres is to ensure that all parties receive the rulings in good faith following the July judgment. At the time, the court decided that Ripple’s XRP sales to retail investors via exchanges did not violate federal securities laws. The SEC, however, is gearing up to appeal Ripple’s victory on XRP classification.
The SEC has been staunch in its contention that most cryptocurrencies in the market are securities and that it has the power to regulate them. An appeal underscores the regulator’s goal to clarify the crypto ecosystem under securities laws. The outcome could set a precedent for other crypto assets, including Cardano (ADA), Solana (SOL), and Polygon (MATIC) — which are in the crosshairs of the top American financial cop as investment contracts. This makes Ripple v. SEC a crucial case in the digital currency space.