Ripple vs. SEC: An investment banker will testify!

Thu 17 Aug 2023 ▪ 3 min of reading ▪ by Fitah
Crypto regulation

The legal battle between the SEC and Ripple Labs seems never-ending. Judge Torres has approved the request for an investment banker to appear as a declarant in the case between the two parties. The purpose of the declarant is to protect stakeholders in this context of uncertainty, in which the regulator has appealed the decision.

Ripple and SEC logos

Andrew Kunsak to appear as declarant

The judge in charge of the Ripple v SEC case, Analisa Torres has approved the request for an investment banker to appear. He is Andrew A. Kunsak, from the law firm Sidley Austin LLP. As a reminder, Ripple recently opposed the appearance of an investment banker from the same law firm, who sided with the SEC in his statement. This had caused concern at Ripple.

Andrew Kunsak, who is a member in good standing of the New York court, will thus appear in the case opposing the SEC and Ripple. The judge is seeking to prevent the disclosure of any confidential information in response to an earlier order sealed by the court. These are the order denying the SEC’s motion to seal Hinman’s speech documents and the order denying Ripple’s motion to seal XRP’s earnings. The declaring investment banker intends to protect its stakeholders in the face of these uncertainties.

SEC appeals judge’s decision in favor of Ripple

Recently, Judge Torres ruled in favor of Ripple that XRP’s programmatic sales are not securities under the Howey test. The SEC has countered by filing a motion for interlocutory appeal against this ruling. It is also seeking a stay on further proceedings until its concerns dissipate.

According to Stuart Alderoty, Ripple’s General Counsel, the SEC is only seeking the court’s permission to file an appeal. The agency is not seeking to appeal the ruling that XRP is a security. Meanwhile, the XRP price is experiencing a slight decline, but sentiment for bullish momentum remains high in the community.

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Fitah avatar

Je suis passionnée par les cryptomonnaies, un monde que j'ai découvert il y a peine 3 ans. Mon seul but est de vous informer de cet univers incroyable à travers mes articles.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.