Ripple CEO Brad Garlinghouse recently take took to social media to criticize SEC Chairman Gary Gensler after the SEC filed its opening brief in the Ripple appeal case.

"One definition of insanity is doing the same thing over and over again and expecting different results," he joked. "Gensler's Securities and Exchange Commission took this very seriously."

In its opening brief, the SEC argues that the District erred in concluding that the defendants' XRP offers and sales conducted failed to meet Howey's earnings forecasting requirements.

Furthermore, it erred in concluding that token offers and sales for non-monetary consideration failed to satisfy Howey's requirement to invest funds.

The SEC urged the court to vacate the district court's final judgment and summary judgment regarding Ripple's sales and offers of XRP to retail buyers.

Attorney Jeremy Hogan commented: "Frankly, I found the brief lackluster – as if its editor knew he was wasting his time. For example, almost half of the brief was spent repeating what the lower court had ruled."

Ripple's lead lawyer, Stuart Alderotti, is expected to downplay the significance of this filing, claiming that the lawsuit is "just hype."

Meanwhile, the price of XRP crossed the $3 mark for the first time in seven years on Wednesday after Reuters reported that the Securities and Exchange Commission is likely to freeze some non-fraudulent cryptocurrency enforcement cases in a major policy change.

Alderotti himself has stated that the next administration will likely abandon the appeal.