SEC’s XRP Legal Drama Takes Another Twist—Mystery Filing Resurfaces

Just when you thought the Ripple-SEC showdown couldn’t get weirder, an enigmatic court document pops back up—like a bad penny. The crypto world braces for another round of regulatory whiplash.

Legal limbo continues

No details disclosed yet, but the filing’s reappearance suggests this three-year saga isn’t done torturing XRP holders. Lawyers probably just billed another yacht.

What’s next?

With the SEC’s track record of ’protecting investors’ by creating maximum uncertainty, traders might want to strap in—or check if their blood pressure meds are refilled.

TLDR

• Justin W. Keener has refiled a motion in the XRP lawsuit claiming to hold decisive evidence.
• The motion was submitted on May 28 and is similar to one previously dismissed in April 2025.
• XRP lawyer Bill Morgan described the filing as a surprise and noted its critique of the Howey test.
• Former SEC attorney Marc Fagel questioned the court’s allowance of a second unauthorized submission.
• Keener is not a party to the lawsuit but claims an interest based on holding rare investment contract documents.

A new development in the XRP lawsuit has emerged as a previous filing by Justin W. Keener has resurfaced. The filing, submitted again on May 28, includes an emergency motion that claims to offer decisive evidence. This sudden action has reignited attention as the case nears critical procedural milestones.

Keener, who is not a party to the XRP lawsuit, asserts that his evidence could change its outcome. He refers to documents and data concerning investment contracts hidden from public access for decades. His submission follows a previous attempt in April 2025 that the court rejected as improper.

Now, his renewed motion is gaining traction, prompting responses from key legal observers. Both XRP lawyer Bill Morgan and former SEC attorney Marc Fagel acknowledged the unusual timing and approach. As the case enters a crucial stage, the court’s response to Keener’s motion will shape further proceedings.

Keener Motion Adds Twist to XRP Lawsuit

Bill Morgan noted the surprise element of Keener’s motion given the court’s recent procedural decisions. He described the filing as a lengthy analysis of the Howey test and its application in securities cases. Morgan found it particularly unusual in light of Ripple and the SEC’s earlier joint motion denial.

I was expecting some filing in the SEC v Ripple case given what happened to the last motion that was dismissed two weeks ago, especially given that the 60 day period which the parties have before the SEC is required to file a status report with the court of appeals expires on 16… pic.twitter.com/I250sVGKLx

— bill morgan (@Belisarius2020) May 29, 2025

The XRP lawsuit remains a central legal battle for the crypto sector, especially as this filing disrupts expectations. Morgan emphasized that this individual intervention comes ahead of the SEC’s status update deadline. Therefore, the motion’s content and timing have introduced further unpredictability to the ongoing case.

Morgan also highlighted that Keener’s motion appears heavily critical of how courts have interpreted investment contracts. His observations imply that this move, while unusual, could still draw attention from the judge. However, given its past rejection, it may face similar dismissal unless it meets formal legal standards.

Former SEC Lawyer Marc Fagel Questions the Court’s Response

Marc Fagel, a former SEC lawyer, confirmed that Keener had submitted a similar filing earlier this year. He noted that the SEC responded to the original submission but the court dismissed it as improper. Fagel questioned why the court allowed a second filing of the same nature.

This is the second visit to the docket by this guy. (The SEC even responded to the last one.) Unclear why the court hasn’t shut down his Pacer account over his unauthorized filings.

— Marc Fagel (@Marc_Fagel) May 30, 2025

He pointed out that Keener’s access to PACER remains unrestricted despite the lack of standing in the XRP lawsuit. This has raised concerns about the filing system and possible procedural loopholes. Additionally, Fagel expressed doubt over whether the motion could influence the case’s direction.

Keener’s past legal issues with the SEC add further complexity to the current situation. In 2022, a federal court ordered him to pay $10.2 million for unregistered securities dealings. While unrelated to the XRP lawsuit directly, this background may affect how the court views his involvement.

Keener Claims to Hold Hidden Evidence Tied to Investment Contracts

Keener identifies himself as the holder of rare investment documents kept hidden for over half a century. He believes these records could settle critical legal questions at the heart of the XRP lawsuit. His filing suggests these materials could define how courts should assess digital asset-related securities.

He links his motivation to a broader claim of harm caused by regulatory uncertainty over the past decade. Keener argues that his evidence addresses central themes in the SEC’s case against Ripple. However, he provides no details on how or where he obtained the information in question.