tl;dr
Ripple CEO Brad Garlinghouse criticized SEC Chair Gary Gensler on social media after the SEC filed its opening brief in the Ripple appeal case. The SEC argued that the district erred in concluding that XRP offers and sales did not satisfy Howey's expectation-of-profits and investment-of-money requir...
Ripple CEO Brad Garlinghouse has publicly criticized SEC Chair Gary Gensler's approach to the Ripple appeal case, following the SEC's filing of its opening brief. The SEC argued that the district erred in concluding that XRP offers and sales did not satisfy Howey's expectation-of-profits and investment-of-money requirements. It urged the court to vacate the district court's final judgment and summary judgment with respect to Ripple's sales and offers of XRP to retail buyers.
Ripple's lawyer downplayed the significance of the SEC's filing, with speculations arising about the appeal being abandoned by the incoming administration. The price of XRP surged to a seven-year high, surpassing $3, amid reports that the SEC might freeze some non-fraud crypto enforcement cases.
Brad Garlinghouse took to social media to slam SEC Chair Gary Gensler, stating, "One definition of insanity....Doing the same thing over and over and expecting different results. Gensler's SEC really took this to heart." The SEC's filing was criticized by attorney Jeremy Hogan as "lackluster," with Ripple's top lawyer, Stuart Alderoty, regarding the lawsuit as "just noise."
The surge in XRP price and the speculations about the appeal being abandoned by the incoming administration coincide with the ongoing developments in the Ripple appeal case, reflecting the growing impact of regulatory actions on the cryptocurrency market.
The sentiments expressed by key figures in the cryptocurrency industry highlight the tensions and uncertainties surrounding the legal and regulatory landscape, underscoring the need for investors to stay informed and exercise caution amid evolving developments.