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The SEC moved forward with an appeal of its decision Case against Ripple.

The securities regulator seeks a reversal in 2023 to rule That the identified retail sales of Ripple's XRP token were not unregistered securities offerings. Federal Judge Analisa Torres said that blind/programmatic sales of XRP, which take place on exchanges, do not violate US securities laws.

“The district court erred both factually and legally in concluding that Defendants’ offers and sales of XRP to public purchasers who purchased on crypto asset trading platforms,” the SEC wrote in its opening brief filed late last night.

The SEC said that even if buyers were unaware that their XRP tokens were coming from third parties or from Ripple itself, Ripple still led the public to have a “reasonable expectation of profits” from the cryptocurrency. The regulator added that “Ripple's public marketing campaign...particularly engaged 'less sophisticated' investors.”

Stuart Alderotti, Ripple's chief legal officer, rejected the SEC's claims and continued to write X The brief is merely “a restatement of already failed arguments.”

Alderoty added, New leadership The SEC will likely "abandon" the case altogether.

On that last point, I'm not sure the SEC will drop this case after Trump and his boss, Gary Gensler, take office. He leavesat least immediately. This is possible, but any decisions made by Commissioners Hester Peirce and Mark Ueda in the short term (before three additional commissioners are appointed and confirmed) will face strict legal scrutiny.

We are likely to see committee votes resume after There are at least three commissioners sitting.

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