Ripple vs. SEC Legal Battle: Latest Developments
The ongoing legal saga between Ripple and the Securities and Exchange Commission (SEC) has witnessed yet another development. The SEC has recently opposed a motion from a third party seeking to introduce critical evidence in the case. This opposition is based on three key arguments presented by the Commission.
SEC Opposes New Evidence in Ripple Case
In a recent social media update, journalist Eleanor Terrett disclosed that the SEC had filed an opposition against an emergency request by Justin W. Keener to present pivotal evidence supporting Ripple. The regulator submitted this opposition, urging Judge Analisa Torres to dismiss the request.
Advertisement Banner
Reasons for SEC’s Opposition
Firstly, the SEC contends that the request is invalid due to the ongoing appeal of the case in the Second Circuit. As a result, the District Court lacks the authority to intervene or grant the request. The SEC referenced previous case law to emphasize how an appeal notice removes jurisdiction from the District Court.
Secondly, the Commission highlighted that Justin Keener has not formally sought to intervene in the lawsuit. The SEC argued that even if this request is interpreted as a motion to intervene, it remains inappropriate. The court has previously rejected similar intervention requests from other third parties.
Lastly, the SEC argued the intervention is unnecessary. The legal team for the Commission noted that Keener could provide the evidence directly to Ripple instead of filing a court request. They asserted that Ripple is fully capable of deciding if the evidence should be presented in court.
Context Behind Keener’s Request
Justin Keener recently submitted an emergency request to introduce decisive evidence in support of Ripple, stating that it would benefit not only the crypto company but also the American public. However, the exact nature of this evidence remained undisclosed.
Interestingly, Keener is currently involved in legal issues with the SEC, which previously accused him of operating as an unregistered penny stock dealer. A court ruling led to a substantial monetary penalty against him.
Adding a new dimension to this saga, the appointment of pro-crypto advocate Paul Atkins as the forthcoming SEC Chair could significantly influence the Ripple vs. SEC case. As he assumes office, resolving this legal dispute may become one of his primary objectives.
Editorial Integrity and Expertise
At Bitcoinist, our editorial process prioritizes delivering deeply researched, accurate, and unbiased content. We adhere to strict sourcing standards, ensuring every piece is meticulously reviewed by our team of leading technology experts and experienced editors. This commitment guarantees the integrity and value of the information we provide to our audience.
