According to cryptocurrency journalist Eleanor Terrett, the US Securities and Exchange Commission (SEC) has officially objected to the “urgent evidentiary request” that was sought to be submitted in favor of Ripple. The request in question was submitted to the court by Justin W. Keener last week.
The SEC gave three main reasons for requesting the denial of the application:
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Lack of jurisdiction: The SEC stated that the District Court lacked jurisdiction to rule on the matter because the case had already been appealed to the Second Circuit Court of Appeals.
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Procedural compliance: Keener reportedly failed to submit a formal request to intervene in the case.
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Unnecessary: SEC lawyers argued that Ripple had the ability to assess whether this evidence would be helpful to its case.
For these reasons, the SEC asked Judge Analisa Torres to dismiss the application in its entirety.
In the filing last week, Keener made an urgent request to “provide decisive evidence in favor of the defendants’ and the American people’s freedom.” However, his letter did not provide a clear explanation of what that evidence was or how it would benefit Ripple. Keener did refer to some materials related to physical investment contracts in his filing.
On the other hand, Keener was recently sued by the SEC for being an “unregistered low-priced stock seller” and was ordered to pay over $10 million in fines.
