Ripple Lawsuit Sees New Evidence from Justin Keener

TLDR

• Keener claims to have decisive evidence favoring Ripple.
• SEC requests dismissal of Keener’s motion citing procedural issues.
• Community skepticism grows over the motion’s impact on the lawsuit.

The lawsuit involving Ripple and the U.S. Securities and Exchange Commission (SEC) has entered a new phase. A recent filing by Justin W. Keener claims to include “decisive evidence” favoring Ripple. This development has attracted significant attention from the crypto community and industry observers.

Keener, a businessperson with a history of penalties from the SEC, filed this motion as an “emergency request.” Notably, the SEC had fined him for unregistered penny stock dealings. The document has been registered on the court docket, prompting discussions on its potential impact on the ongoing lawsuit.

Key Individuals and Entities Involved

The principal parties in the lawsuit include Ripple Labs, its CEO Brad Garlinghouse, and co-founder Chris Larsen. They are facing allegations from the SEC for allegedly conducting unregistered securities sales worth over $1.3 billion in XRP. Justin W. Keener, who submitted the recent motion, was previously fined over $10 million by the SEC.

Garlinghouse and Larsen are notable figures in fintech and crypto, steering Ripple Labs, which operates RippleNet and the digital asset XRP. Meanwhile, Keener’s history with the SEC stems from a 2022 ruling on his illegal dealings in penny stocks.

SEC’s Stance on the Filing

The SEC has responded to Keener’s filing by requesting Judge Analisa Torres to dismiss it. The agency argues that Keener did not submit a proper motion to intervene and that new evidence should be directed to an appellate court, as jurisdiction has shifted.

Through its litigation process, the SEC continues to maintain that it is up to Ripple to address the relevance of such evidence. The SEC has emphasized the procedural issues concerning Keener’s submission.

Community and Market Reactions

This filing has become a talking point within the XRP community on platforms such as Twitter and Telegram. Discussions reflect skepticism, viewing the motion as more of a distraction than a substantial contribution to the legal process.

Despite the community’s interest, there has been no official comment from Ripple executives regarding Keener’s filing. Additionally, there have been no unusual shifts in XRP’s on-chain data, such as liquidity or Total Value Locked (TVL) changes, related to this development.

Historical Context and SEC Resources

The Ripple case has seen various interventions from non-parties in the past. However, these outsider submissions rarely impact the fundamental legal decisions made in court. The significant influences on XRP prices and liquidity typically align with major legal rulings.

Interested parties can access Ripple-related documents, including official case updates, through the SEC’s litigation release portal. The broader outcome of the Ripple lawsuit may also set precedents for the regulatory treatment of other digital assets.