The U.S. Securities and Exchange Commission (SEC) has requested that the Southern District of New York deny an emergency motion filed by Justin W. Keener, a nonparty in the Ripple case. Keener had asked the court for permission to present what he called critical evidence that would support Ripple and address broader concerns related to public freedoms.
In its filing, the SEC stated the court does not have the power to review the request because the case is already with the U.S. Court of Appeals for the Second Circuit. According to the commission, once an appeal is in progress, any new motions must be handled at the appellate level and not by the original trial court.
https://twitter.com/EleanorTerrett/status/1909660350674587707 Procedural Errors and SEC’s Reasoning
The SEC also said that Keener failed to follow the correct procedure when filing his request. The agency explained that Keener needed to formally ask the court to become involved in the case before trying to introduce new information. Because this step was skipped, the filing did not meet the legal requirements.
In addition, the SEC questioned whether the request was needed at all. The agency said Keener could have provided the materials directly to Ripple’s legal team, who are already handling the case.
“Ripple’s attorneys are fully capable of deciding what should be used in their defense,” the SEC stated in the filing.
Moreover, it added that bringing the evidence into court through a third party was unnecessary.
Ongoing Disagreement Over Appeal Status
There is still no clear agreement between Ripple and the SEC regarding whether the lawsuit is over. Ripple has said that the two parties reached a deal in which both sides agreed to end their appeals. This arrangement, according to Ripple, also included a lowered penalty and the removal of a court injunction.
However, the SEC has not confirmed this information in court. Legal expert Bill Morgan commented on the situation, saying, “Ripple believes the appeals have ended, but the SEC told the judge that the case is still active in the appeal court.” He also noted that the legal process seems incomplete, despite talk of a settlement.
https://twitter.com/Belisarius2020/status/1909789691043574160 Closed-Door SEC Meetings Raise Questions
Since Ripple’s announcement, the SEC has held two private meetings without releasing any updates on the matter. This lack of response has led to speculation among those following the case closely. Some in the XRP community are concerned that the silence means the situation remains unresolved.
Until the court rules on the emergency request and the SEC publicly confirms its appeal status, the final outcome of the case remains unclear. The next steps are likely to come after internal decisions are finalized by the SEC commissioners.
The post Ripple Lawsuit News: SEC Blocks Key Evidence in Ripple Case Amid Ongoing Appeal Battle appeared first on Coinfomania.
