Ripple has opposed the SEC’s motion to file an interlocutory appeal challenging its partial victory. Also, its XRP token has started the new month strong, posting strong on-chain metrics.
Ripple, claimed that SEC had not succeeded in proving the exceptional circumstances required for the court to accept its interlocutory appeal request. This took place on September 1st.
Ripple’s objection
Ripple argued that the SEC was unsuccessful in establishing the three mandatory elements to declare an interlocutory appeal. The first condition is that the order involves a pure or controlling question of law. Nevertheless, the firm said the SEC does not meet this standard.
It noted that the court order in SEC v. Ripple relied on facts, and the court only applied the law to the facts before it. Consequently, the SEC attempted to dissociate the facts from the ruling, so getting approval for its appeal was a mistake. Ripple said it will depend on the same facts in 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.”
Ripple also disagreed with the SEC’s argument that the decision in the case could affect other pending litigation. It detected that other SEC enforcement actions have different factual and procedural stances. Hence, it falls to the SEC to meet its burden under the Howey test in those cases.
In the meantime, Ripple has responded to other SEC assertions, such as substantial grounds for differences of opinion and whether an immediate appeal will help expedite the case.
XRP’s on-chain activity improved considerably after the objection. The cryptocurrency started the month with a significant increase in profit, as its on-chain transaction volume reached 4.8 billion XRP. This is the uppermost volume since February 1.
Blockchain analytics firm Santiment reported that XRP on-chain circulation hit a 3-month high at 2.03 billion XRP.
Nonetheless, its price is still fighting. XRP has fallen 2.2% in the last 24 hours and is trading at $0.495 at press time. He has already parted with all the benefits of his partial victory a few weeks ago.
By Audy Castañeda
