Gary Gensler Makes Another Action, Files An Appeal Regarding XRP Status!

JAKARTA - The legal victory is in sight in line with Gary Gensler's planned resignation from the SEC chairman. For Ripple (XRP), a feud that took more than 3 years with the US Securities and Exchange Commission (SEC) was a challenge they had to face. The blockchain-based cross-state payment company did not stop strengthening its ecosystem while facing regulatory lawsuits.

Recently, the SEC filed an appeal regarding XRP status as they have done several times. The appeal only yielded zero results. Ripple CEO Brad Garlinghouse recently voiced sharp criticism of Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), regarding the filing.

Garlinghouse expressed dissatisfaction through social media, responding to what it called the SEC's unchanging behavior. "One definition of madness... Doing the same thing over and over again and expecting different results. It seems that the SEC under Gensler really does this," he quipped.

In the opening document filed, the SEC argued that the district court was wrong in deciding that the offer and sale of XRP carried out by the defendant did not meet the requirements for "expectation of profitability" set out in the Howey test.

In addition, the SEC also stated that the offer and sale of XRP tokens in exchange for non-money did not meet the "investment of money" requirements contained in Howey's test. The SEC also urged the court to cancel district court decisions and concise decisions regarding sales and XRP offers to retail buyers.

The reaction to this document is quite diverse. Ripple's lawyer, Stuart Alderoty, firmly considers that this submission is just a "grid noise". Meanwhile, attorney Jeremy Hogan also commented that he felt the document was less inspiring, even mentioning that nearly half of the document only repeated previous court decisions.

Even so, the latest developments show impressive XRP price performance. On Wednesday January 15, the price of XRP surpassed the US$3 per coin for the first time in seven years. This price increase was driven by reports revealing that the SEC is likely to suspend some non-fraud crypto cases as part of major policy changes.