Despite the closure of the Ripple versus SEC case, supporting motions are still being filed, drawing intense opposition from the market regulator.
The United States Securities and Exchange Commission (SEC) has opposed an emergency motion filed for blockchain payment firm Ripple Labs Inc. through Justin W. Keener. The non-party individual in the Ripple-SEC case requested permission from the court to present “critical evidence” that he believed would support Ripple’s argument.
Appellate Court Now in Charge of Ripple-SEC Case
Keener claims that the data and information in his possession could be of “tremendous interest and value” to the defendants as they would to the broader crypto industry. The decisive evidence will also equally address broader concerns related to public freedoms. He acknowledged that his request is quite unusual but also important.
The SEC immediately swung into action with a filing stating that the power to conduct a review was no longer with the court, as the case is now on the table of the U.S. Court of Appeals for the Second Circuit. In clear terms, the agency explained that an appeal already in progress can not have any new motions handled in the original trial court but at the appellate level.
The Commission also called out Keener for failing to follow the correct procedure when filing his emergency request. He was expected to formally ask permission from the court to become involved in the case even before he tried to introduce the new information. Based on this premise, the filing was categorized as not meeting the legal requirements.
Has Ripple-SEC Five-year Lawsuit Ended or Not?
As of two weeks ago, the Ripple-SEC lawsuit had ended. The SEC officially dropped its class actions against the firm, as announced by Brad Garlinghouse, Ripple’s CEO.
Their supposed agreement included a lowered penalty and the removal of a court injunction. However, the new development suggests that Ripple and the SEC still do not clearly agree on whether the lawsuit is over.
Apart from Ripple claiming the case was dismissed based on an agreement with the agency, the SEC has yet to confirm this information in court. Rather, it told the judge that the case remains active in the appellate court. Some sources claim the agency has held two closed-door meetings since Garlinghouse announced the dismissal of the lawsuit.
So far, no information or decision has been disclosed from those meetings.
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