Ripple has objected to the SEC’s motion to file an interlocutory appeal challenging its partial victory. On the other hand, its XRP token has started the new month strongly, recording strong on-chain metrics.
In the September 1 filing, the financial technology company claimed that the SEC had failed to show the exceptional circumstances necessary for the court to approve its request for interlocutory appeal.
Ripple argued that the SEC failed to establish the three conditions required to certify an interlocutory appeal. The first condition is that the order should involve a pure or controlling question of law. However, the firm argued that the SEC does not meet this standard.
It noted that the court order in the SEC v. Ripple case was based on facts, and the court only applied the law to the facts before it. Therefore, the SEC attempted to divorce the facts from the ruling, so to get approval for its appeal is wrong. Ripple said it will rely on the same facts at the Second Circuit court.
“The Court did not rule that offers and sales over crypto asset trading platforms can never give rise to an investment contract. It found that Defendants’ Programmatic Sales were not sales of investment contracts on the facts of this case.”
On the SEC’s argument that the decision in the case could affect other pending litigations, Ripple also disagreed. It noted that other SEC enforcement actions have different procedural and factual postures. Therefore, it is up to the SEC to meet its burden under the Howey test in those cases.
Meanwhile, Ripple countered other claims of the SEC, such as substantial ground for difference of opinions and whether an immediate appeal will help fast-track the case.
XRP Records Utility Spike
Following the objection, XRP on-chain activity has improved. The cryptocurrency started the month with a major utility spike as its on-chain transaction volume reached 4.8 billion XRP. This is the highest volume since February 1.
Blockchain analytical firm Santiment reported that XRP on-chain circulation reached a 3-month high at 2.03 billion XRP.
However, its value continues to struggle. XRP is down 2.2% in the last 24 hours and trades at $0.495 as of press time. It has already shed all the gains from its partial victory a few weeks ago.
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