A bizarre new filing in the SEC vs. Ripple lawsuit claims to have “decisive evidence” that could change everything. A guy named Justin Koerner submitted an emergency request to present this evidence, saying it will help Ripple and even benefit “liberty for the American people.”
What’s the “Decisive Evidence”?
Koerner’s filing is pretty cryptic. He says his evidence comes from a collection of old investment contracts – apparently, he’s got the only one of its kind. He claims this collection offers a fresh perspective on securities law, particularly the Howey Test (used to determine if something is a security) and the laws from the 1930s. He believes these physical contracts, which he says vanished decades ago, provide a clearer understanding of the definitions involved. He’s offering to share some of this information with the court – about 5-10 pages of summaries, images, and other materials.
Who is Justin Koerner?
It turns out Koerner has his own legal battles with the SEC. They recently sued him for being an unregistered penny stock dealer, and a court ordered him to pay over $10 million. He’s defending himself, claiming 20+ years of investment experience gives him unique insight into this case.
Timing is Everything
This filing comes at a critical moment. The SEC recently dropped its appeal against Ripple, and both sides agreed to a settlement. Ripple will pay a reduced fine, and the SEC will return some money. The whole thing is waiting for Judge Torres’s final approval. Koerner points out the huge legal costs for Ripple (estimated at over $225 million) and his own substantial legal expenses ($15 million), suggesting his evidence could finally bring an end to “10 years of nightmarish chaos.”
The Bottom Line
It’s unclear what impact Koerner’s filing will have. His evidence sounds intriguing, but it’s also coming from someone with his own legal problems. Whether his “decisive evidence” will actually sway the court remains to be seen. At the time of this writing, XRP was trading at $2.0671.
