The Ripple vs SEC case is moving towards a conclusion, with recent court filings and changes in client representation indicating a potential end to the lengthy litigation.
Letter to Judge Analisa Torres
In the latest court filing in the Ripple vs SEC case, Andrew Kunsak of law firm Sidley Austin LLP requested that Judge Torres remove their client from the court’s docket. Kunsak claimed the investment banker declarant’s role as a key witness in the case has been completed. “The confidentiality of their testimony is not an issue being appealed,” he added.
Changes in Client Representation
The investment banker declarant entered the XRP lawsuit in August 2023 to provide expert testimony and analysis. It also aimed to safeguard their stakeholders from disclosures in the lawsuit. Moreover, Kunsak revealed his plans to leave Sidley Austin LLP, with no lawyers to appear in this matter for the investment banker declarant’s work. Notably, Sidley Austin LLP does not represent any party to the appeal.
Ripple's Reaction and XRP Market
Recently, Judge Torres denied the parties’ motion for an indicative ruling to end the Ripple vs SEC lawsuit after the SEC filed for a settlement. The parties asked the judge to lift the injunction and reduce the civil penalty to $50 million. Ripple CEO Brad Garlinghouse confirmed to drop their cross appeal in the 2nd Circuit Court as the SEC dropped their appeal. “We’re closing this chapter once and for all, and focusing on what’s most important – building the Internet of Value,” he added. Meanwhile, XRP price surges nearly 6% in the past 24 hours, with the price currently trading at $2.56.
In conclusion, the Ripple vs SEC lawsuit is approaching its end. The steps proposed in recent court filings and Ripple's reaction to changes in the situation provide a hopeful outlook for the company's next moves.
