Judge Analisa Torres has approved the appearance of an investment banker declarant in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Andrew A. Kunsak, of the law firm Sidley Austin LLP, has been approved to appear as an investment banker declarant in the case, according to recent court filings.
The announcement reads, “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.”
Who Is This Investment Banker Declarant?
In legal terms, a declarant is a person who makes a formal statement or declaration. In this context, Andrew A. Kunsak, an investment banker declarant, is appointed to ensure that certain confidential details are safeguarded.
What’s So Important About Confidential Information?
Investment banking involves dealing with massive amounts of financial information, including transactions, business strategies, client data, and more. Some of this information might be a part of the ongoing Ripple vs SEC case which needs to be kept private. Now, Andrew’s job is to make sure that it happens!
SEC Seeks Appeal Against Judge Torres’ Ruling
The SEC has filed a motion for an interlocutory appeal against Judge Torres’s ruling, which stated that programmatic sales of XRP are not securities under the Howey Test. The securities regulator is also seeking a halt on further proceedings until the court resolves its concerns.
Ripple’s chief legal officer, Stuart Alderoty, has clarified that the SEC is merely requesting the court’s permission to file an appeal, not actively appealing the decision on XRP as a security.
Market Reactions and the XRP Price
News of the latest development saw a slight dip in XRP price, falling 3% in the last 24 hours to trade at $0.60. However, the optimistic sentiment still prevails among crypto enthusiasts, who are eagerly watching the unfolding legal drama.
