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- A court filing shows that Judge Analisa Torres has approved Andrew A. Kunsak to appear as an investment banker declarant in the US SEC v. Ripple lawsuit.
- Ripple opposed the banker’s appearance from the same law firm that sided with the US SEC in their declaration.
The SEC v. Ripple case has taken yet another twist that could dictate the fate of XRP. Judge Analisa Torres who is presiding over the case approved the appearance of an investment banker declarant to protect confidential information in the case.
According to recent court filings, Andrew A. Kunsak of Sidley Austin LLP will appear as an investment banker declarant in SEC v. Ripple lawsuit.
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 previous objections to the appearance of the investment banker declarant from the same law firm that sided with the US SEC in their declaration.
Following the order, the court aims to protect confidential information in previously sealed orders. In particular, an order denying the SEC’s motion to seal the drafts of William Hinman’s 2018 speech. In his speech, the former commissioner declared Bitcoin (BTC) and Ethereum (ETH) were not securities. Filings have also cited Ripple’s motion to seal documents related to XRP revenues from institutional sales and programmatic sales. The investment banker declarant aims to protect its stakeholders following the SEC’s request to appeal Judge Torres’ summary judgment.
As CNF reported, the SEC is challenging the recent summary judgment through an interlocutory appeal. In her summary, the judge declared that retail XRP buyers did not expect to profit from Ripple’s efforts, meaning programmatic sales of XRP and other distributions are not securities.
Read More: BREAKING: SEC Appeals Court Decision in Ripple Lawsuit Over XRP Sale
Although the XRP community has been celebrating this as a major victory not only for the project but the entire industry, the SEC is not accepting the decision. The agency highlights a recent ruling by Judge Jed Rakoff, the judge overseeing the SEC v. Terra lawsuit. In this case, the Howey test does not distinguish between buyers the way Judge Torres did.
Ripple lawyer Stuart Alderoty has recently confirmed that the SEC is not appealing the summary as it does not have a right to appeal. The agency is simply seeking permission to appeal the decision.
The SEC does not have the “right” to appeal just yet which is why they are asking permission to file an “interlocutory” appeal. Ripple will file its response with the Court next week. Stay tuned. https://t.co/zCeVZhYfxc
— Stuart Alderoty (@s_alderoty) August 9, 2023
It seems the case is far from over but for the most part is being dragged on by the SEC which has proven to be stubborn in its approach to the crypto industry. However, there are talks that SEC Chair Gary Gensler will be leaving the agency which could see the SEC take a more lenient approach to the industry in the future.
