In response to a judge’s decision that XRP was not a security when sold to individual investors on exchanges, the chair of the Securities and Exchange Commission (SEC), Gary Gensler, expressed disappointment. Gensler stated that the SEC is assessing that opinion and considering their next steps. Some experts believe that an appeal from the SEC could be a possibility, but a pro-Ripple lawyer argues that the agency may face difficulties in challenging the ruling. The judge applied the Howey Test strictly to each type of XRP sale and left open the question of whether programmatic sales on exchanges meet the requirements of the test. The lawyer believes that even if the ruling is reversed on one factor, the same result could be determined by applying the other factors. The article also includes disclaimers regarding investment advice and the need for personal research before making any investment decisions.

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