The XRP lawsuit has taken an intriguing turn with a mysterious filing by Justin W. Keener, who claims to possess “decisive evidence” that could alter the outcome of the Ripple vs. SEC case in favor of Ripple. Experts like Bill Morgan and Marc Fagel have commented on this unexpected development.
Bill Morgan anticipated a filing due to the upcoming 60-day deadline for a status report by June 16. He was surprised by a lengthy critique of the Howey Test and the SEC’s actions over the past 90 years in the filing. According to him, the lawsuit continues to be full of surprises and entertainment.
Marc Fagel noted that this is the second time Keener has submitted such documents. Despite the SEC’s response to the first filing, questions remain about why the court has not yet terminated Keener’s PACER account for unauthorized filings.
Keener’s initial attempt to introduce his “decisive evidence” was rejected in April, but he is making another effort now. Notably, Keener was recently fined $10 million for engaging in illegal penny stock trading without the necessary dealer registration.
Observers are keen to see if Keener’s latest filing will impact the lawsuit. While many anticipate it will be dismissed, the responses from the judge and SEC this time will reveal if it holds any significance.
In a recent letter to the SEC, Ripple argued that fungible crypto assets like XRP should not be classified as securities in secondary sales. Citing legal expert Lewis Cohen and a 2023 court ruling, Ripple emphasized that XRP lacks the essential characteristics of securities and urged the SEC to establish clearer rules, highlighting that XRP was previously deemed not a security in public trading.
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