The recent developments in the XRP lawsuit have sparked controversy, with the US Securities and Exchange Commission (SEC) opposing an emergency request submitted by Justin W. Keener. Keener’s filing aimed to present “decisive evidence” in support of Ripple and the “liberty of the American people.” The SEC argued that the District Court does not have jurisdiction to consider Keener’s request, as the Ripple case has been moved to the Second Circuit Court of Appeals.
The SEC cited various authorities from different courts in support of their decision, emphasizing that once a timely appeal is filed, the matters under appeal fall beyond the jurisdiction of the District court. The agency also noted that Keener did not file the appropriate motion to intervene in the case, making it impossible for the court to consider his request for an emergency stay. The SEC maintained that Ripple could handle its defense without outside help and could choose to present any relevant evidence provided by Keener on its own.
Keener, who has faced separate SEC charges in the past, submitted a brief letter claiming to possess key evidence in support of Ripple. However, the specifics of the evidence remain unclear, raising questions in the Ripple community. Despite the uncertainty surrounding Keener’s emergency request, recent announcements indicate that the XRP lawsuit is nearing a conclusion. Ripple CEO Brad Garlinghouse confirmed that the lawsuit has officially ended following the SEC’s decision to drop its appeal. This move has boosted optimism within the crypto community, with around 20 XRP exchange-traded funds reportedly filed with the US SEC.
Despite the conclusion of the lawsuit, XRP’s price did not see a significant positive reaction. Nonetheless, many in the crypto community believe that the resolution of the lawsuit may bring new developments for Ripple. In a surprising move, Ripple recently announced a $1.25 billion deal to acquire Hidden Road, a global multi-asset prime broker, making Ripple the first crypto firm to own and operate such a platform. These developments signal a potential shift in the landscape for Ripple and the broader cryptocurrency market.
The SEC’s opposition to Keener’s emergency request highlights the complexities of the legal battle between Ripple and the regulatory agency. With the lawsuit nearing its conclusion and the SEC dropping its appeal, the future of XRP and Ripple remains uncertain but promising. The acquisition of Hidden Road and the potential for new developments in the wake of the lawsuit’s resolution signal a new chapter for Ripple and the crypto industry as a whole. As the legal proceedings continue, all eyes will be on Ripple and its ability to navigate the changing regulatory landscape in the crypto market.
