The ongoing case between Ripple Labs and the US Securities and Exchange Commission continues to be among the most heavily-discussed topics in the industry.
Most recently, presiding Judge Analisa Torres approved a notice of appearance for an Investment Banker Declarant, but what does this mean?
Approving Notice of Appearance
Judge Analisa Torres has recently approved a notice of appearance in the case between crypto heavyweight Ripple Labs and the US Securities and Exchange Commission.
The Judge approved Andrew A. Kunsak from the law firm Sidley Austin LLP. He will appear as an investment banker declarant in the 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.
The purpose of this is to avoid disclosure of any potentially confidential information in response to an earlier order that was sealed by the court – that of the Hinman Speech Documents.
The investment banker declarant aims to protect their own stakeholders and bar uncertainty as the Commission looks to further appeal the Court’s summary judgment ruling, where Judge Torres concluded that secondary XRP sales do not constitute investment contracts.
It’s also important to note that Ripple had previously opposed an appearance for an investment banker declarant.
More Action Coming This Week
As CryptoPotato reported earlier today, XRP’s price has been having hard times during the past 24 hours as the market seems to be anticipating the company’s stance on the SEC’s interlocutory brief aiming to appeal Judge Torres’ summary judgment.
Ripple’s head lawyer, Stuart Alderoty, said that they will respond this week.
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.