XRP lawsuit chaos: Another bombshell drops, sending the crypto community reeling amidst the still-unfolding mystery of the recent filing. The Ripple vs SEC plot thickens as the Securities and Exchange Commission’s (SEC) response to the cryptic filing has further added uncertainty to the case.
XRP Lawsuit: Lawyer Unveils Odd Developments
In a recent X post, XRP lawyer Bill Morgan revealed a shocking development within the Ripple vs SEC case. The attorney posited that the Securities and Exchange Commission’s reaction to Justin W. Keener’s mysterious filing has added uncertainty to the XRP lawsuit settlement.
Background: What’s This Mysterious Filing?
Last week, Justin W Keener, an individual alleged by the SEC to be operating as an unregistered penny stock dealer, filed a mysterious request. The filing intends to present “decisive evidence” that Keener claims to have significant benefits on the lawsuit’s outcome.
As the abovementioned evidence remains unclear, the filing has sparked widespread anxiety and speculations. However, experts like Marc Fagel dismissed the filing as “spam.”
SEC’s Response Sparks Uncertainty in XRP Lawsuit
As highlighted by Bill Morgan, the SEC has rejected Keener’s request, deeming it improper and recommending its denial. The SEC argued that the request’s subject matter- the court’s summary judgment and imposition of remedies in the XRP lawsuit- is currently on appeal. They added that the court has no authority to take a decision on the matter. The agency’s statement read,
First, the Request is improper because the subject matter to which it relates – the Court’s summary judgment Order and imposition of remedies – is presently on appeal such that this Court lacks jurisdiction to entertain the Request.
Notably, Morgan highlights the discrepancy between Ripple’s assertion that the Appeal and Cross-Appeal are “settled” and the SEC’s statement that the matter is “still on appeal.” This significantly highlights a contradiction between the two parties’ understanding of the appeal’s status.
What’s Next?
Significantly, the outcome of the XRP lawsuit is poised to impact the entire crypto space. As the case unfolds, market observers closely watch developments that could establish a crucial precedent for digital asset regulation. Industry experts like Fred Rispoli believe that the Ripple lawsuit will end within the next two months.
The latest development reveals that both parties in the Ripple SEC case may have differing interpretations of the appeal’s status, adding further complexity to the case.
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