SEC Takes Fresh Action On Ripple (XRP) Case

The U.S. Securities and Exchange Commission (SEC) has made a fresh opposition in the legal battle against Ripple, the San Francisco-based cross-border payment firm.

The legal battle between the SEC and Ripple Labs took an unexpected procedural turn last week when an individual unaffiliated with the case, Justin W. Keener, filed an “emergency request” to present what he described as “decisive evidence” in favor of the defendants.

Former Fox Business journalist Eleanor, who shared the filing, highlighted the unusual nature of the request and the filer’s background.

In her first post, dated April 3, Terrett wrote, “An odd filing just now in the @SECGov vs. @Ripple docket — an emergency request to ‘present decisive evidence in favor of the defendants and in favor of liberty for the American people.’”

The document, submitted by Keener, did not specify the nature of the supposed evidence. Although it appeared to relate to what he called “physical investment contracts” he had reportedly been collecting.

Keener, who is not a party to the litigation, claimed in the filing that the data possessed could resolve matters “central to 10 years of nightmarish chaos thrown upon all of us unsuspecting Americans.” He referred to the information as proprietary and of value to both Ripple and the broader crypto industry.

SEC Files Opposition

Terrett pointed out that Keener has recently faced legal action from the SEC. She wrote, “Looking further into Keener, it looks the SEC recently sued him for being an unregistered penny stock dealer for which a court has ordered him to pay over $10M.” This background may have influenced how the commission received the emergency request.

As Terrett reported on April 8, the SEC formally opposed Keener’s filing in a new court submission. She summarized the SEC’s opposition, stating that the agency had provided three main reasons for rejecting the request. First, the Commission argued that the District Court no longer has jurisdiction over the matter because the case has already proceeded to the Second Circuit Court of Appeals.

Second, the SEC noted that Keener had not filed a motion to intervene, a procedural requirement for third parties seeking to introduce evidence. Finally, the SEC asserted that the request was unnecessary, as Ripple can determine whether any external information is relevant or beneficial to its defense.

Court’s Prior Rulings Reinforce SEC’s Position

The letter, signed by SEC attorney Benjamin Hanauer, emphasized that the court has previously denied similar motions from other third parties attempting to submit material to support Ripple.

The agency further stated that nothing prevents Keener from sharing his purported evidence directly with the defendants outside the court’s formal processes. For these reasons, the SEC requested that Judge Analisa Torres deny the emergency request.

There is no indication of whether the court will rule on the matter or disregard it due to the procedural flaws outlined by the SEC. The case remains under appellate review following Judge Torres’s earlier decisions on summary judgment and remedies.

This development adds another procedural layer to the high-profile legal proceedings, although it is unlikely to have a material impact on the case unless the court explicitly allows the filing to be considered—something the SEC strongly urges against.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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