A surprising new filing has appeared on the docket of the XRP lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, promising what its author calls “decisive evidence” in favor of the defendants and broader “liberty for the American people.”
FOX Business journalist Eleanor Terrett broke the news via social media platform X. She reported, “An odd filing just now in the SEC 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 was filed by an individual named Justin W. Koerner.
According to Terrett, Koerner “doesn’t make clear what the so-called ‘decisive evidence’ is or how it would benefit Ripple but hints it has something to do with physical investment contracts he’s been collecting.” Further investigation reveals that Koerner is currently facing legal troubles himself, having been sued by the SEC for being an unregistered penny stock dealer, which has led to a court order for him to pay over $10 million.
XRP Lawsuit Rocked By This Emergency Filing
Dated April 2, 2025, the letter is addressed to U.S. District Judge Analisa Torres. In it, Koerner describes himself as the owner of “what is likely the only curated investment contract collection known,” adding that his initial motive for collecting these documents was “for purposes of deeper research.”
He claims that the information found within these tangible contracts has the potential to shed light on crucial aspects of securities law, which he believes “would be of tremendous interest and value to the defendants and the broader crypto industry.” In his view, he is “uniquely positioned, exceptionally qualified, and deeply educated on these matters.” Emphasizing that his intent is not only to help Ripple but to advocate for what he calls “liberty for the American people,” he requests permission from the Court to submit a portion of this proprietary data.
According to the filing: “If permitted, we will select and submit a portion of data, information, and analysis generated by our system, The Mainframe. This would perhaps total five to 10 pages in a casual format that could be quickly reviewed and understood. It would include some definitions, summaries, bullet points, images, articles, publications, and the like. All certified and real – overall bulletproof.”
He further underscores the unique nature of this request, suggesting that the material is “believed to be decisive evidence never presented before.” Koerner argues that his physical possession of vintage investment contracts—which he claims have “disappeared 50 to 60 years ago”—provides him with a “crystal clear” understanding of securities definitions, the Howey Test, and pertinent securities laws from the 1933–1934 Acts.
As the long-running XRP lawsuit appears close to resolution, this filing adds another layer of complexity. Recently, the SEC dropped its appeal against Ripple’s previous court victory, and Ripple has agreed to pay a reduced fine of $50 million, leading to a much-awaited resolution. All of these developments await final approval from Judge Torres.
Koerner’s letter highlights Ripple’s staggering legal costs—estimated to be at least $175 million in defense fees alone—bringing the potential total to $225 million when factoring in the new settlement. Additionally, Koerner shares his own financial burden, having spent around $15 million on his legal defense, and asserts that his in-depth research on the definition of a security, developed over two decades, could help resolve the decade-long litigation.
As this case continues to unfold, XRP stands at a trading price of $2.0671, reflecting a market poised for potential volatility and change.
