The high-stakes legal confrontation between the US Securities and Exchange Commission (SEC) and Ripple Labs has taken a significant turn.
Judge Analisa Torres has given the green light to an investment banker to join the courtroom proceedings of the Ripple vs. SEC legal battle.
As revealed in a recent court document, Judge Torres has allowed Andrew A. Kunsak, a representative from the prestigious law firm Sidley Austin LLP, to intervene as an investment banker declarant in the controversial case.
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The introduction of Kunsak follows a wave of concerns Ripple previously aired when an investment banker declarant associated with a pro-SEC law firm tried to make a similar entrance. The official court statement reads:
Andrew A. Kunsak of Sidley Austin LLP <...> hereby respectfully enters an appearance for Investment Banker Declarant in the above-captioned action.
Central to this case are the controversial sealed court directives. The court aims to shed light on contentious matters like the SEC's push to hide the Hinman speech documents and Ripple's intent to keep particular data about XRP sales under wraps, encompassing programmatic and institutional transactions.
Kunsak's role pivots on ensuring the interests of stakeholders are protected, especially with the SEC gearing up to question the Judge's summary judgment. The appeal primarily focuses on Judge Torres' stance that the sales of XRP aren't securities by the Howey Test's standards. They're also rallying for a pause in current activities until the court offers clearer guidance on the matter.
On the Ripple side, Stuart Alderoty, the company's chief legal officer, emphasized that they're only seeking the court's nod to make their appeal. They have no plans to contest the decision regarding XRP's designation as a security.
Against the backdrop of these developments, XRP's market performance hasn't been at its best. Over the last day, it's seen a 4% dip, now trading at $0.60.
