In the latest twist in the XRP lawsuit between the United States Securities and Exchange Commission (SEC) and Ripple Labs, the SEC has formally opposed a nonparty’s attempt to present what that individual describes as “decisive evidence.” The nonparty, identified in court documents as Justin W. Koerner, submitted a filing last week under the heading “Emergency Request to Present Decisive Evidence” in favor of Ripple, proclaiming that his materials could not only assist Ripple’s defense but also champion “liberty for the American people.”
XRP Lawsuit Update
In a new letter addressed to Judge Analisa Torres and dated April 8, 2025, SEC attorney Benjamin Hanauer urged the Court to deny Koerner’s request “in its entirety” on multiple grounds, including lack of jurisdiction and a failure to comply with established procedural requirements.
Koerner’s letter claims he possesses documents that illuminate the question of whether certain transactions constitute securities under federal law, alleging that he embarked on collecting tangible contracts “for purposes of deeper research.” The letter suggests Koerner believes the data found within these physical records might bolster Ripple’s arguments by shedding new light on how securities offerings are typically structured and acknowledged.
The SEC, however, firmly rejects Koerner’s overture, presenting a series of reasons why the request should fail. The agency’s letter opens by challenging the Court’s authority to even consider Koerner’s submission. Citing established precedent such as New York v. Dept. of Homeland Security and United States v. Bradley, the SEC contends that because the district court’s judgment is already under review by the Second Circuit, the district court no longer retains the jurisdiction necessary to handle requests of this nature.
The letter states that a “timely and sufficient notice of appeal” effectively transfers power to the appellate court, rendering additional evidence inadmissible at this stage. The SEC asserts that this principle applies squarely to Koerner’s request, thus depriving the district court of the ability to address it.
In addition to its argument on jurisdiction, the SEC highlights another fundamental deficiency in Koerner’s motion: he did not seek or obtain leave to intervene. The agency maintains that courts typically require nonparties to file a motion to intervene if they wish to make submissions that could affect the proceedings. Because Koerner bypassed that step, the SEC insists his filings have no procedural standing.
Finally, the SEC dismisses Koerner’s effort as unnecessary. The agency stresses that the Court has recognized Ripple’s legal team as fully capable of deciding whether any third-party materials would be advantageous. If Koerner truly believes his “proprietary data” is valuable, the SEC notes that nothing stands in the way of his privately sharing it with Ripple.
At present, it is unclear whether Ripple has had any private communication with Koerner about these documents or whether Koerner has already provided certain samples of the contracts to the defense. Hanauer concludes, “For these reasons, the Court should deny the Request in its entirety.”
At press time, XRP traded at $1.77.
