SEC v. Ripple: Judge greenlights investment banker declarant’s entry
In the most recent update in the legal proceedings of the United States Securities and Exchange Commission against Ripple Labs, Judge Analisa Torres has granted permission for an investment banker declarant to make an appearance.
According to a court filing, Judge Torres granted permission for Andrew A. Kunsak from the law firm Sidley Austin LLP to serve as an investment banker declarant in the ongoing lawsuit of U.S. SEC v. Ripple Labs.
Previously, Ripple had objected to a similar appearance by an investment banker declarant affiliated with the law firm that supported the U.S. SEC’s position, prompting concerns among the defendants.
“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.”
In an effort to prevent the divulgence of sensitive details as per a previously sealed court directive, the court seeks to address issues related to orders that rejected the SEC’s plea to seal the Hinman speech documents, as well as Ripple’s request to seal information regarding XRP sales, including programmatic and institutional sales.
The investment banker declarant’s objective is to safeguard their stakeholders in light of the SEC’s intent to challenge Judge Torres’ summary judgment decision.
The SEC has submitted a motion seeking an interlocutory appeal concerning Judge Analisa Torres’ verdict that programmatic sales of XRP (XRP) do not fall under the classification of securities according to the Howey Test. Additionally, the regulatory body is requesting a suspension of ongoing proceedings until its concerns are resolved through court clarification.
Related: SEC delays set deadlines for Bitcoin ETF approval to early 2024
Meanwhile, Stuart Alderoty, chief legal officer of Ripple, clarified that the organization is solely pursuing court authorization to lodge an appeal and is not intending to challenge the ruling on XRP’s classification as a security.
Over the past 24 hours, the value of XRP has decreased by 3%, currently standing at $0.60.
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Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Rachel Reeves has been urged by a think tank to cut national insurance and increase income tax to create a “level playing field” and protect workers’ pay.
The Resolution Foundation said the chancellor should send a “decisive signal” that she will make “tough decisions” on tax.
Ms Reeves is expected to outline significant tax rises in the upcoming budget in November.
The Resolution Foundation has suggested these changes should include a 2p cut to national insurance as well as a 2p rise in income tax, which Adam Corlett, its principal economist, said “should form part of wider efforts to level the playing field on tax”.
The think tank, which used to be headed by Torsten Bell, a Labour MP who is now a key aide to Ms Reeves and a pensions minister, said the move would help to address “unfairness” in the tax system.
As more people pay income tax than national insurance, including pensioners and landlords, the think tank estimates the switch would go some way in raising the £20bn in tax it thinks would be needed by 2029/2030 to offset increased borrowing costs, flat growth and new spending commitments. Other estimates go as high as £51bn.
Torsten Bell appearing on Sky News
‘Significant tax rises needed’
Another proposal by the think tank would see a gradual lowering of the threshold at which businesses pay VAT from £90,000 to £30,000, as this would help “promote fair competition” and raise £2bn by the end of the decade.
The Resolution Foundation also recommends increasing the tax on dividends, addressing a “worrying” growth in unpaid corporation tax from small businesses, applying a carbon charge to long-haul flights and shipping, and expanding taxation of sugar and salt.
“Policy U-turns, higher borrowing costs and lower productivity growth mean that the chancellor will need to act to avoid borrowing costs rising even further this autumn,” Mr Corlett said.
“Significant tax rises will be needed for the chancellor to send a clear signal that the UK’s public finances are under control.”
He added that while any tax rises are “likely to be painful”, Ms Reeves should do “all she can to avoid loading further pain onto workers’ pay packets”.
The government has repeatedly insisted it will keep its manifesto promise not to raise income tax, national insurance or VAT.
A Treasury spokesperson said in response to the think tank report it does “not comment on speculation around future changes to tax policy”.
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Is Britain heading towards a new financial crisis?
Chancellor urged to freeze alcohol duty
Meanwhile, Ms Reeves has been urged to freeze alcohol duty in the upcoming budget and not increase the rate of excise tax on alcohol until the end of the current parliament.
The Scotch Whisky Association (SWA), UK Spirits Alliance, Welsh Whisky Association, English Whisky Guild and Drinks Ireland said in an open letter that the current regime was “unfair” and has put a “strain” on members who are “struggling”.
The bodies are also urging Ms Reeves “to ensure there will be no further widening of the tax differential between spirits and other alcohol categories”.
A Treasury spokesperson said there will be no export duty, lower licensing fees, reduced tariffs, and a cap on corporation tax to make it easier for British distilleries to thrive.
Leave retailers alone, Reeves told
This comes as the British Retail Consortium (BRC) warned that food inflation will rise and remain above 5% into next year if the retail industry is hit by further tax rises in the November budget.
The BRC voiced concerns that around 4,000 large shops could experience a rise in their business rates if they are included in the government’s new surtax for properties with a rateable value – an estimation of how much it would cost to rent a property for a year – over £500,000, and this could lead to price rises for consumers.
Read more:
Food inflation at 18-month high
‘Stealth’ and ‘sin’ taxes expected to rise
Firms cut jobs at fastest pace since 2021
Latest ONS figures put food inflation at 4.9%, the highest level since 2022/2023.
The Bank of England left the interest rate unchanged last week amid fears that rising food prices were putting mounting pressure on headline inflation.
“The biggest risk to food prices would be to include large shops – including supermarkets – in the new surtax on large properties,” BRC chief executive Helen Dickinson said.
She added: “Removing all shops from the surtax can be done without any cost to the taxpayer, and would demonstrate the chancellor’s commitment to bring down inflation.”
Nine US lawmakers asked the SEC to move forward on last month’s executive order to speed up the inclusion of alternative assets like crypto in US retirement funds.
The Transatlantic Taskforce for Markets of the Future will focus on exploring crypto laws and regulations between the two countries.
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