New Filing in Ripple (XRP) Case Blasts SEC’s 90-Year Legal Framework

• Bill Morgan called a surprise third-party filing in the Ripple versus SEC case an unusual.
• Filed before a crucial deadline, the submission reignited debate over the SEC’s crypto stance.

Renowned crypto lawyer Bill Morgan has responded to an unusual filing in the ongoing US SEC v. Ripple Labs Inc. lawsuit. The document, shared on May 28, 2025, has drawn attention not only for its timing but also for its content. Morgan believes the new document attempts to stray from conventional court arguments. 

SEC v. Ripple Case Takes Another Twist With Personal Filing

The responded case has taken another unexpected turn, with a document filed on May 28. Bill Morgan, a lawyer and frequent commentator on Ripple’s legal battles, took to social media to share his thoughts on the new update.

The document, marked as Document #985 in case 1:20-cv-10832, was filed in the U.S. District Court, Southern District of New York. It was filed weeks before the June 16 deadline, when the SEC is expected to file a status report with the Court of Appeals. 

In an earlier update, we reported that the U.S. Court of Appeals for the Second Circuit approved a joint request from Ripple Labs and the Securities and Exchange Commission to pause the ongoing appeal for 60 days. In line with the above, many expected some form of motion or update from the official parties involved, not a third-party submission.

Instead, the court received a 26-page letter from Justin W. Keener, who is not a named party in the case. In the letter, Keener presents “Decisive Evidence” in favor of Ripple Labs Inc. and claims the document supports liberty for the American people. 

He also describes his submission as responding to ten years of nightmarish chaos. In comparison, attacking the SEC’s use and interpretation of the Howey test. This is a key legal standard used to determine what constitutes a security.

In his post on X, Morgan described the filing as a multi-page rant and noted that it heavily criticizes the SEC’s legal basis for its case. He highlighted the filing’s oddity, stating that although some legal action was expected, this was not the form it was anticipated to take.

Morgan’s reaction also aligns with recent Ripple comments on the SEC’s approach to the issue. As noted in our earlier news brief, Ripple urged the SEC to stop applying outdated rules to crypto assets like XRP.

Bill Morgan’s Commentary Highlights Unpredictability

Bill Morgan’s comments about the recent development further emphasize how unpredictable the Ripple case has become. Over the past few years, it has seen numerous delays, motions, and procedural turns. 

As highlighted in a previous report, in April, the SEC formally dropped its appeal against Ripple Labs, ending the legal battle that started in December 2020.

Based on this development, Morgan sees this latest filing as unusual and unnecessary. The timing of the submission also raised eyebrows, given the looming status update deadline for the SEC. 

While the court has not yet responded to the letter, Morgan’s reaction shows how the Ripple case continues to evolve in unexpected directions. 

Despite being a third-party submission with no direct legal impact. The filing has sparked renewed discussion around the SEC’s strategy and public sentiment toward the case.