The long-running legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) took another unexpected turn on April 3. Just as the two sides moved toward finalizing a settlement, an unusual court filing from a controversial figure surfaced, drawing attention back to the courtroom.
Ripple announced a settlement reduction where the company had to pay $50 million instead of its original fine of $125 million. The SEC has committed to petition Judge Analisa Torres to remove the “obey the law” injunction preventing Ripple from making additional sales without proper registration.
The XRP community considers this development positive, yet market participants display minimal enthusiasm.
XRP gained 1.96 percent following the news, closing at $2.0626, a recovery that came after a sharp drop amid broader market pressure the previous day. Investors have been waiting for an official SEC statement, similar to past cases involving exchanges like Kraken.
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New Filing from Justin Keener Raises Questions in Final Stage of Lawsuit
According to Eleanor Terrett, host of CryptoAmerica, the SEC vs. Ripple case docket received an emergency filing from Justin W. Keener. Keener claimed to hold decisive evidence in favor of Ripple and “liberty for the American people,” though the filing lacked clear details.
🚨NEW: An odd filing just now in the @SECGov vs. @Ripple docket — an emergency request to “present decisive evidence in favor of the defendants and in favor of liberty for the American people.”
The letter, from a man named Justin W. Keener, doesn’t make clear what the so-called… pic.twitter.com/AQSDFIW6gi
— Eleanor Terrett (@EleanorTerrett) April 3, 2025
Keener claimed to possess investment contracts experience and securities expertise, stating his materials could handle open questions in the current case. Although the document made strong statements, it failed to demonstrate specific ways in which the information included would affect the legal process.
Multiple parties have questioned Keener’s reliability as a professional. The Securities and Exchange Commission had previously filed legal actions against Keener because he dealt with penny stocks without submitting proper registration documents.
A court issued an order demanding Keener pay more than $10 million due to concerns about his motives in pursuing legal action against Ripple.
The court filing created ambiguity within the XRP community, yet it seems to have no bearing on the SEC’s course of action or Ripple’s ultimate settlement terms.
XRP Futures Filing Brings Institutional Interest as Legal Process Nears Conclusion
Meanwhile, Coinbase Derivatives announced a filing with the Commodity Futures Trading Commission (CFTC) to self-certify XRP futures in a separate but significant development. The product is expected to launch on April 21, 2025.
This could offer regulated exposure to XRP, enabling institutional traders to hedge and manage risk more efficiently. A regulated futures market may increase liquidity and strengthen XRP’s position in the broader digital asset space.
Despite these positive signs, XRP’s price has remained restrained, reflecting uncertainty tied to regulatory silence and broader economic concerns. Investors are closely watching for additional updates from the SEC as Ripple’s legal chapter enters its final stages.
Conclusion
The surprise filing by Justin Keener has added a new wrinkle to the Ripple-SEC case just as it nears resolution. However, market focus remains on the confirmed settlement, potential product developments, and anticipated regulatory statements that could shape XRP’s outlook.
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