The ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple is edging closer to its conclusion, with the SEC filing an opposition to an emergency request submitted by Justin W. Keener, who claimed to have vital evidence in support of Ripple. This latest development highlights key legal procedural issues as the case enters its final stages.
Keener’s emergency request, filed on April 3, 2025, sought to present what he described as “decisive evidence” that could benefit Ripple and its supporters, allegedly promoting “liberty for the American people.” However, the SEC quickly moved to oppose his request, citing jurisdictional and procedural concerns. According to the SEC’s filing, the District Court does not have the authority to entertain such a request because the case has already been moved to the Second Circuit Court of Appeals.
The SEC further argued that Keener failed to file the appropriate motion to intervene, preventing the court from considering his request for an emergency stay. They also noted that previous requests for third-party intervention had been dismissed by Judge Analisa Torres, further strengthening their case against Keener’s involvement.
In its response, the SEC emphasized that even if Keener’s evidence were relevant, Ripple’s legal team could decide to present it themselves. The agency pointed out that Ripple is fully capable of determining the materials that would be useful in its defense, as they have an intimate understanding of the case’s specifics. Furthermore, the SEC reminded the court that no new submissions from unrelated third parties were needed at this stage.
The nature of Keener’s evidence remains unclear, as he did not provide detailed information in his request. While some speculate that the material may relate to physical investment contracts, Keener has not confirmed this. The uncertainty surrounding the evidence has raised questions, especially as the case appears to be nearing its conclusion.
Despite the opposition to Keener’s request, the lawsuit against Ripple is drawing to a close, with significant developments. Ripple CEO Brad Garlinghouse recently confirmed that the company’s legal battle with the SEC is officially over, following the SEC’s decision to drop its appeal. This move has sparked optimism within the crypto community, particularly as around 20 XRP exchange-traded funds (ETFs) have been filed with the SEC, potentially indicating positive momentum for XRP’s future.
In addition, Ripple has announced a major acquisition deal worth $1.25 billion for Hidden Road, a global multi-asset prime broker. This acquisition positions Ripple as the first crypto firm to own and operate such a platform, marking a significant milestone for the company.
Despite the legal resolution, XRP’s price did not see a strong positive reaction to the news, though many remain hopeful that the end of the lawsuit will pave the way for Ripple’s further growth and success in the crypto space.
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