In a major development in the ongoing legal battle between the SEC and Ripple, Judge Analisa Torres has approved a notice of appearance for an investment banker declarant.
The purpose of the declarant, Andrew A. Kunsak of the law firm Sidley Austin LLP, is to avoid disclosure of any potentially confidential information in response to an earlier order that was sealed by the court.
It should be noted that Ripple had earlier opposed the appearance of an investment banker declarant from the same law firm that supported the regulator in their declaration. This was a notable reason to worry for defendants.
The filing read in part:
“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.”
At the moment, the news seems not to help the XRP market. At the time of press, XRP is trading at $0.596, with a relatively 4% price downtrend in the last 24 hours.
SEC Files Motion for Interlocutory Appeal
In a separate development, the SEC has filed a motion for an interlocutory appeal of Judge Torres’s ruling that programmatic sales of XRP are not securities under the Howey test. The SEC is seeking a stay on further proceedings in the case until the appeal is decided.
As earlier reported by TimesTabloid, Ripple’s Chief Legal Officer (CLO) said the SEC chose to file an interlocutory appeal because it does not have the right to appeal yet.
Alderoty also informed the community that Ripple will respond to the appeal this week.
Stuart Alderoty noted, “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.”
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