The SEC v. Ripple case has taken another surprising turn that could have significant implications for the fate of XRP. Judge Analisa Torres, who is presiding over the case, has approved the appearance of an investment banker declarant to protect confidential information involved in the lawsuit. The investment banker declarant, Andrew A. Kunsak of Sidley Austin LLP, will be representing the interests of stakeholders in the case.
Ripple initially opposed the appearance of the investment banker declarant from the same law firm that sided with the SEC in their declaration. However, Judge Torres ruled in favor of allowing Kunsak to participate in the case. The court’s decision is aimed at protecting confidential information contained within previously sealed orders. These include an order denying the SEC’s motion to seal the drafts of William Hinman’s 2018 speech, in which he declared that Bitcoin and Ethereum were not securities.
In addition, the court filings mention Ripple’s motion to seal documents related to XRP revenues from institutional sales and programmatic sales. The investment banker declarant’s role is to safeguard the interests of stakeholders following the SEC’s request to appeal Judge Torres’ summary judgment.
The summary judgment declared that retail XRP buyers did not expect to profit from Ripple’s efforts, thereby stating that programmatic sales of XRP and other distributions are not securities. This ruling was widely celebrated by the XRP community as a significant victory. However, the SEC is not accepting the decision and is seeking permission to appeal the judgment.
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Ripple lawyer Stuart Alderoty clarified that the SEC is not appealing the summary judgment itself, as it does not have the right to do so. Instead, the agency is seeking permission to file an interlocutory appeal. This indicates that the case is far from over and may continue to be prolonged by the SEC’s staunch stance against the crypto industry.
It is worth noting that there are speculations about SEC Chair Gary Gensler potentially leaving the agency. If Gensler departs, the SEC may adopt a more lenient approach towards the crypto industry in the future. However, until such changes occur, the SEC’s firm attitude remains a point of contention for Ripple and the broader crypto industry.
In conclusion, the approval of an investment banker declarant in the SEC v. Ripple lawsuit is a significant development in the case. It highlights the importance of protecting confidential information and ensures that stakeholders are adequately represented. While the case continues to unfold, the SEC’s unwavering position against the crypto industry adds further complexity and uncertainty to Ripple’s future.
