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The U.S. Securities and Exchange Commission (SEC) is set to submit its opening report regarding appeals in the Ripple 
$2 case by January 15. While the SEC did not contest the decision that XRP is not inherently a security, it has challenged nearly all arguments related to Ripple’s sales of XRP on crypto exchanges and personal sales by executives.
SEC Chair Gary Gensler and the Appeal Report
With SEC Chair Gary Gensler scheduled to leave office on January 20 and lawyers predicting a potential settlement, some XRP traders are questioning whether the SEC will submit its main argument in the Ripple case.
“The SEC will comply with the court ruling and continue the process” – Attorney Jeremy Hogan.
Experts indicate that the SEC will contest Judge Analisa Torres’ ruling on XRP programmatic sales. The SEC has maintained its claim that Ripple conducted over $700 million in illegal securities sales.
“The court agreed with the SEC that Ripple violated the law.” – Former SEC lawyer Marc Fagel.
The SEC plans to present additional arguments regarding Ripple’s XRP sales on exchanges and personal sales by executives, discussing whether these sales constitute registered securities transactions.
Developments Following the Appeal
Ripple executives’ dinner with Donald Trump has fueled hopes for the company’s growth in the U.S. CEO Brad Garlinghouse noted that 75% of job postings are based in the U.S. and that the company has signed more agreements in the past six weeks.
“A strong start!” – Brad Garlinghouse.
Ripple’s victory in the Second Circuit Court could set a precedent for other crypto cases, and the parties may pursue a settlement or rejection during the tenure of new SEC Chair Paul Atkins.
