Ripple’s leadership, however, has dismissed the SEC’s move as futile and misaligned with the evolving priorities of the broader industry. In a brief submitted to the U.S. Court of Appeals for the Second Circuit, the SEC argued that the lower court erred in determining that XRP sales to retail investors on secondary markets did not qualify as investment contracts.

The regulatory agency contends that Ripple’s public messaging fostered a unified expectation of profit among investors, irrespective of how or where the token was purchased. Ripple CEO Brad Garlinghouse responded with a sharp critique of the appeal, remarking:

One definition of insanity… Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.

The SEC’s argument leans on its long-standing assertion that Ripple’s promotional efforts consistently framed XRP as an asset whose value hinged on the company’s success. It further challenges the district court’s decision to exclude non-cash transactions, such as XRP payments to employees and business partners, from securities law considerations.

Ripple’s Chief Legal Officer Stuart Alderoty dismissed the SEC’s latest filing as repetitive and politically fragile. “As expected, the SEC’s appeal brief is a rehash of already failed arguments – and likely to be abandoned by the next administration,” he stated on X.

Alderoty added:

We’ll respond formally in due time. For now, know this: the SEC’s lawsuit is just noise. A new era of pro-innovation regulation is coming, and Ripple is thriving.

This appeal stems from a prior ruling that found XRP sales to institutional investors violated federal securities laws due to explicit profit expectations linked to Ripple’s operational efforts. However, retail sales on cryptocurrency exchanges were treated differently, a distinction the SEC argues undermines investor protections and conflicts with precedents set by the landmark SEC v. W.J. Howey Co. case.

As regulatory tensions escalate, observers in the crypto sector are speculating about potential shifts in enforcement priorities under a new administration. President-elect Donald Trump has indicated interest in reevaluating the SEC’s current approach, pledging a more innovation-focused regulatory environment after he is inaugurated.

Ripple’s executives remain steadfast in prioritizing the company’s growth, despite the protracted legal dispute. The resolution of this case could carry significant weight for the future classification and regulation of digital assets under U.S. securities law. Despite Wednesday’s appeal, XRP has climbed above the $3 threshold, inching steadily toward its historic price peak. Currently, the token remains 11.5% below its all-time high, achieved seven years ago when it briefly touched $3.40 per unit.

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