Ripple CEO Brad Garlinghouse recently took to social media to slam SEC Chair Gary Gensler after the SEC filed its opening brief in the Ripple appeal case.
“One definition of insanity….Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart,” he quipped.
In its opening brief, the SEC argues that the district erred in concluding that the XRP offers and sales conducted by the defendants failed to satisfy Howey’s expectation-of-profits requirement.
Moreover, it erred in concluding that the offers and sales of the token in exchange for non-cash consideration failed to satisfy Howey’s investment-of-money requirement.
The SEC has 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.
“I honestly found the brief lackluster – almost as though the drafter knew he was wasting his time. For example, almost half the brief was spent just reiterating what the trial court ruled,” attorney Jeremy Hogan commented.
Stuart Alderoty, Ripple’s top lawyer, has expectedly downplayed the significance of this filing, claiming that the lawsuit is “just noise.”
Meanwhile, the price of XRP surpassed the $3 mark for the first time in seven years on Wednesday after Reuters reported that the SEC would likely freeze some non-fraud crypto enforcement cases in a major policy change.
Alderoty has himself stated that the appeal will likely be abandoned by the incoming administration.
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