Ripple‘s CEO, Brad Garlinghouse, voiced his criticism towards SEC Chairman Gary Gensler on various social platforms, following the SEC’s submission of their initial argument in the ongoing Ripple legal appeal.
One interpretation of madness is to repeatedly perform the same actions, yet anticipate a change in outcomes. Indeed, it appears that the Securities and Exchange Commission (SEC) under Gensler’s leadership has fully embraced this concept humorously.
In their initial submission, the Securities and Exchange Commission contends that the lower court made a mistake in deciding that the profits expected from the sale of XRP by the defendants did not meet the test for profit expectations as outlined by the Howey case.
Furthermore, it made an error in determining that the transactions involving the token, where it was exchanged for something other than cash, did not meet the ‘investment of money’ condition as outlined by Howey.
In simpler terms, the Securities and Exchange Commission (SEC) is asking the court to overturn the previous court rulings regarding Ripple’s sale and offering of XRP to regular customers.
Attorney Jeremy Hogan observed that the brief appeared uninteresting, suggesting the writer may have felt it was a wasted effort. In essence, about half of the brief merely repeated the decision made by the trial court.
In a predictable response, Stuart Alderoty, who serves as Ripple’s chief legal officer, has characterized the recent court filing as mere “background noise.
On Wednesday, the value of XRP exceeded $3 for the first time in seven years following news reports by Reuters indicating that the Securities and Exchange Commission (SEC) might temporarily halt certain non-fraud related cryptocurrency enforcement actions as part of a significant shift in policy.
As an analyst, I anticipate that the appeal will probably be left unattended by the incoming administration, as per Alderoty’s own statements.
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2025-01-16 17:41