- An undisclosed figure has surfaced amidst the ongoing SEC vs. Ripple legal battle.
- The decision to maintain anonymity has raised questions about the reasons behind their involvement.
- Intense speculation within the XRP community has centered around the concealed identity of the Banker.
In the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs, a new document emerged yesterday. A previously unidentified third party, known as the “Investment Banker Declarant,” has now formally re-engaged in the case overseen by Judge Analisa Torres.
Unidentified Banker Gains Legal Representation in SEC Case
This submission, dated August 15, 2023, in the United States District Court for the Southern District of New York, states, “NOTICE IS HEREBY GIVEN that Andrew A. Kunsak of Sidley Austin LLP respectfully makes a representation on behalf of Investment Banker Declarant 1 in the aforementioned legal proceeding.
The Court Clerk is kindly requested to record this appearance in the Court’s official record and to furnish the designated attorney with copies of all case-related entries, directives, notifications, and other legal documents pertaining to this litigation.”
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This unidentified banker had previously submitted a formal statement earlier in the year supporting the SEC’s motion for summary judgment. However, Ripple Labs had raised objections to this anonymous submission and strongly advocated for disclosing the declarant’s identity.
Community Advances Theory on Anonymous Declarant
Their argument centered around the assertion that “the declarant voluntarily issued the statement and voluntarily became part of the case.” Responding to these claims, the unnamed banker maintained that unveiling his identity could expose him to undesired “harassment.” The SEC backed up this standpoint.
The perpetuation of this ongoing anonymity has triggered a wave of intense conjecture within the XRP community about the true identity of this declarant. A theory advanced by community member Mr. Huber and Attorney John Deaton, who represents XRP holders in this legal dispute, gravitates toward Mike Novogratz of Galaxy Digital or Tetragon.
“Why Novogratz?” you might wonder. Galaxy Digital has a share in Ripple and intriguingly divested its XRP holdings almost immediately after the SEC initiated action against Ripple.
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It’s not a secret that Mike Novogratz, who places significant emphasis on his public image, once confidently stated, “I would confidently wager that the SEC would not classify Ether as a security.” His prior involvements with Joe Lubin of ConsenSys, and his past declarations, render this theory compelling, according to Mr. Huber.
On the Flipside
- Maintaining anonymity might hinder accountability. Shouldn’t those who participate in legal proceedings be accountable for their statements, especially when their testimony could impact the outcome of the case?
- The proposition that Mike Novogratz could be the undisclosed declarant rests on conjecture and may not be fully substantiated.
Why This Matters
The enigmatic ‘Investment Banker Declarant’ re-entry into the SEC-Ripple legal fray adds a layer of intrigue to an already complex legal battle. As speculation swirls around their identity, this development underscores the far-reaching implications of regulatory decisions in the crypto landscape.
To learn more about Europe’s latest venture into the world of cryptocurrency, check out this article:
Ripple CBDC Advisor Applauds Europe’s Newest Bitcoin Spot ETF
For insights into how Ripple and Amazon are potentially reshaping online commerce with XRP, read here:
Will Ripple and Amazon Web Services Transform Online Trade with XRP?
