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Is The Ripple Vs. SEC Lawsuit Really Over? They Just Clashed Again
The prolonged battle between Ripple and the US Securities and Exchange Commission (SEC) has seemingly reached its conclusion, or so it seemed. However, a recent twist has sent shockwaves throughout the crypto community.
It appears that the lawsuit isn’t quite done yet. The SEC opposed an “emergency request” filed by Justin W. Keener, who is supposedly gathering evidence in favor of Ripple and the liberty of the American people. What’s intriguing about this development is that Keener was recently sued by the Commission for acting as an unregistered penny stock dealer and ordered to pay $10 million in penalties.
The “emergency request” filed by Keener seeks to present decisive evidence that allegedly supports Ripple’s case, but it remains unclear how this new information ties into the ongoing legal dispute. The SEC has vehemently opposed Keener’s motion, citing three reasons. Firstly, the agency believes that the District Court lacked jurisdiction over the matter since the lawsuit had already been transferred to the Second Circuit.
Secondly, the Commission argues that Keener failed to file a proper motion to intervene in the case, which would have allowed him to present his evidence. Lastly, the SEC claims that Ripple is fully capable of deciding for itself whether or not to utilize this new evidence, making Keener’s involvement unnecessary.
The SEC has officially requested that Judge Analisa Torres deny Keener’s request entirely, citing the aforementioned reasons. While some enthusiasts in the Ripple community speculate about a potential price rally if the court denies the SEC’s opposition and allows Keener to present his evidence, it appears that such an event is already priced into XRP’s market value.
The cryptocurrency has witnessed a staggering 47% decline since reaching its local high of approximately $3.40 in mid-January, currently trading at around $1.80 according to CoinGecko. As such, the Ripple community is now focusing on other potential catalysts, including the awaited approval of a spot XRP ETF in America or a broader crypto market resurgence.
Stay tuned for further updates on this ongoing saga.
Source: https://cryptopotato.com/is-the-ripple-vs-sec-lawsuit-really-over-they-just-clashed-again/
