Justin Keener resubmitted a motion claiming evidence that could impact the Ripple lawsuit outcome following a prior court dismissal.
The motion criticizes the legal interpretation of the Howey test and alleges access to hidden historical investment documents.
Legal experts express doubt about the filing’s legitimacy but note it adds complexity to the SEC’s ongoing case against Ripple.
A new twist has emerged in the Ripple versus SEC lawsuit as Justin W. Keener submitted a second motion seeking to present what he describes as decisive evidence. The filing, made on May 28, revives a similar request that the court previously dismissed in April. Though Keener is not a party to the case, he asserts a personal stake, citing access to documents he believes could influence the case's outcome.
In the recent motion, Keener claims to hold a collection of physical investment contracts that he says were kept from public access for over half a century. He describes the materials as relevant to longstanding legal debates around investment contracts and the Howey test. His filing challenges the SEC’s interpretation of the test, which forms a cornerstone of its case against Ripple.
Legal Experts React to Unusual Motion Filing
XRP legal expert Bill Morgan noted the filing's timing and described it as an unexpected intervention. He explained that the motion primarily critiques the legal basis of the SEC’s arguments, especially concerning the Howey test. At the same time, former SEC lawyer Marc Fagel questioned how Keener maintained access to the court’s filing system after an earlier motion was dismissed for being procedurally improper.
The SEC previously responded to Keener’s original filing, though the court dismissed it without comment on the substance. It remains to be seen whether this renewed submission will receive different treatment. The filing arrives amid ongoing developments, including a recent dismissal of Ripple and the SEC’s joint motion for an indicative ruling.
Keener previously clashed with the SEC over penny stock transactions. In 2022, he was ordered to pay a $10.2 million penalty after a court found that he operated as an unregistered dealer. This background adds context to his current claim of holding evidence related to longstanding regulatory practices.
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