Ripple CEO Blasts SEC as XRP Hits $3 Amid Legal Appeal
Ripple CEO Brad Garlinghouse recently criticized SEC Chair Gary Gensler on social media following the SEC’s submission of its opening brief in the ongoing appeal against Ripple.
Garlinghouse compared the SEC’s actions to “insanity,” implying that the agency continues to repeat failed strategies while expecting different outcomes.
The SEC’s filing challenges the district court’s earlier ruling, which found that Ripple’s XRP transactions did not meet the Howey Test’s criteria for “expectation of profits” or “investment of money.” The agency has requested the appellate court to overturn the district court’s final and summary judgments related to XRP’s sales to retail investors.
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Legal experts have weighed in on the SEC’s brief, with attorney Jeremy Hogan describing it as underwhelming, noting that a significant portion of the document merely restated the trial court’s conclusions. Ripple’s chief legal officer, Stuart Alderoty, dismissed the filing as insignificant, calling it “just noise.” Alderoty also speculated that the appeal might be dropped under a future administration, potentially signaling the end of the lawsuit.
In parallel with these legal developments, XRP’s market performance has grabbed attention. On Wednesday, the token surged past $3 for the first time in seven years. This rally followed reports suggesting that the SEC might pause enforcement actions against non-fraud-related crypto cases, indicating a potential shift in its regulatory approach.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
