As the Ripple vs SEC case nears an end, following a settlement and decision to withdraw appeals, a letter was sent to Judge Analisa Torres. The letter hinted at the start of the administrative procedure to end the long-running lawsuit.
In the latest court filing in the Ripple vs SEC case, Andrew Kunsak of the 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.
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. The letter also affirmed that Sidley Austin LLP does not represent any party to the appeal.
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 they would 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, the XRP price surged nearly 6% in the past 24 hours, with the price currently trading at $2.56. The 24-hour low and high are $2.41 and $2.59, respectively. Furthermore, the trading volume has jumped by 23%, indicating a massive interest among traders.
Also Read: Ripple to Drop Cross Appeal Against SEC, Ending XRP Lawsuit
