The Ripple vs. SEC lawsuit has taken another turn, with the Commission filing an opposition to a request from a non-party to provide decisive evidence. The SEC outlined three reasons why the request shouldn’t be granted.
Ripple vs. SEC Lawsuit Sees New Twist With Filing From Commission
In an X post, Journalist Eleanor Terrett revealed that the Commission has filed an opposition to the emergency request to present decisive evidence in the Ripple vs. SEC lawsuit in favor of the crypto firm. Justin W. Keener filed this request, and the regulator’s filing argued why Judge Analisa Torres shouldn’t grant it.
First, the regulator argued that the request is improper because the Ripple vs. SEC is currently on appeal in the Second Circuit. As such, the District Court lacks the jurisdiction to intervene in the matter and cannot grant the request. The Commission cited previous cases that backed this point of how a sufficient notice of appeal divests the District Court of jurisdiction.
Secondly, the Commission argued that Judge Torres should deny the request because the non-party, Justin Keener, has not moved to intervene in the Ripple vs. SEC lawsuit. The regulator claimed that even if the request is seen as a motion to intervene, the request would still be inappropriate. The SEC noted that the court has already denied a similar motion to intervene brought by other third parties.
Lastly, the regulator argued that the request to intervene should be denied because it is unnecessary. The lawyers noted that nothing stops Justin Keener from sharing the evidence with Ripple rather than requesting to share it with the court.
The Commission added that the crypto firm is competent enough to determine if the evidence would help their case and should be brought to the court’s attention in the Ripple vs. SEC lawsuit. For these reasons, the SEC asked Judge Torres to deny the request in its entirety.
It is worth mentioning that Keener’s request might also be unnecessary, considering that Ripple and the SEC have agreed to end the long-running legal battle. Both parties are simply finalizing some routing procedures before the court can strike out the case.
The Background To Keener’s Request
As reported, Justin Keener filed an emergency request last week to provide decisive evidence in the Ripple vs. SEC lawsuit. Keener revealed that the decisive evidence was in favor of the crypto firm and in favor of liberty for the American people.
Keener didn’t reveal exactly what this decisive evidence is about and how it could benefit Ripple. However, he suggested it had something to do with the ‘data and information’ he has been collecting. Journalist Eleanor Terrett mentioned that the SEC recently sued Keener for being an unregistered penny stock dealer, for which the court awarded a monetary penalty of over $10 million against him.
Amid this development, it is worth mentioning that the US Senate has confirmed pro-crypto Paul Atkins as the next SEC Chair. The Ripple vs. SEC lawsuit will likely be one of his primary focuses upon his swearing in as he looks to close the chapter on the legal battle quickly.
Featured image from LinkedIn, chart from Tradingview.com
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