“Another week, another loss for Gensler’s SEC.”

The loss was unrelated to the Ripple case. Nonetheless, the SEC win rate remains relevant. Investors expect the SEC to appeal against the Programmatic Sales of XRP ruling. In July 2023, Judge Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test.

Investors remain hopeful of the appellate courts upholding the Programmatic Sales ruling. However, a December 2023 court ruling in the SEC v Terraform Labs case created more uncertainty. In December, Judge Rakoff ruled that TerraUSD and Luna are securities.

Since the ruling, the SEC has notified Judges presiding over cases against crypto firms of the Judge Rakoff ruling. The Terraform Labs ruling will likely form part of the appeal against the Programmatic Sales of XRP ruling.

While the lingering threat of an SEC appeal remains an XRP headwind, the ongoing SEC v Ripple case needs consideration.

SEC v Ripple: SEC Opening Reply Brief Due on March 22, 2024

There were no SEC v Ripple case-related updates for investors to consider on Saturday. Nonetheless, it could be an important week ahead for Ripple and XRP.