Ripple’s Ongoing Legal Battle with the SEC
Ripple’s protracted legal skirmish with the U.S. Securities and Exchange Commission (SEC) appeared to reach a resolution in March when the company decided to forgo its cross-appeal. However, the case has taken a surprising turn recently, sparked by a request from Justin W. Keener, who is seeking to present what he describes as “decisive evidence” in support of Ripple.
Importance of the Evidence
Keener asserts that the information he possesses is extremely valuable, not only to Ripple but also to the cryptocurrency sector at large. Despite admitting the unconventional nature of his request, Keener declared the data to be of “utmost importance”, although he did not elaborate on what this evidence entails.
SEC’s Response and Legal Proceedings
In response, the SEC has filed objections to this unusual request, arguing that it is “improper” since the matter is now with the U.S. Court of Appeals for the Second Circuit, which means that the Southern District Court of New York no longer has jurisdiction over such filings. The SEC also pointed out that Keener has not made a formal motion to intervene in the proceedings. Furthermore, they contend that there is no necessity for the request, suggesting that Keener could share his evidence directly with Ripple instead.
Current Status of the Lawsuit
As of now, the U.S. government has not formally canceled the Ripple lawsuit. In related news, Republican SEC Commissioner Mark Uyeda abstained from commenting on the legal standing of XRP during a recent interview on CNBC, leaving many in the industry questioning the current status of Ripple’s situation and what this new evidence might mean for the company’s future.
