NewsletterRipple Lawsuit: Why LBRY Latest Court Filing Is Critical For XRP Case Judgement?
Ripple Lawsuit: LBRY, another crypto firm fighting a legal battle U.S. Securities and Exchange Commission (SEC) in order to gain regulatory clarity filed for the last time in the case. However, attorneys involved in the XRP lawsuit as the third party expect that the recent filing can prove to be critical for Ripple ahead.
Also Read: Ripple Counsel Withdraws From Case; US SEC To Gain Upper Hand?
LBRY Seeks Clarity On Secondary Sales?
As per the filings, LBRY submitted its Supplemental Brief in support of its motion to restrict the US SEC’s remedies. It mentioned that the firm is in pursuit of gaining clarity around the LBRY tokens (LBC) use in the market. This includes the clarity that LBC is not a security.
Meanwhile, the commission has refused to provide such clarity and now looks at a broad based injunction which is not even clear. The LBRY asked the court to provide clarity for the market.
SEC led enforcement has driven LBRY into insolvency. Coingape reported that the commission on record admitted that the sale of LBRY Credits (LBC) tokens in the secondary market is not a security. This settlement came on January 30, 2023. Read More Ripple Lawsuit News Here…
LBRY in the court filings highlighted that the Commission’s Proposed Final Judgment is ambiguous and reflects the watchdog’s overreach. However, the crypto firm asked the court to produce a final judgment to provide clarity over LBC tokens.
Ripple Vs SEC
Attorney Jeremy Hogan stated that LBRY is asking the court that secondary sales of LBC tokens should not be affected by the judgment ahead. He added that the final ruling will be crucial for the Ripple and defendants. This can be the exact same scenario in the Ripple lawsuit where the commission brings in vague injunctions.
The legal battle between Ripple and SEC is waiting for a Summary Judgement. However, recently the court rejected the commission’s motion to shield Hinman docs from public view. Now, the crypto industry is eagerly waiting for the release of crucial docs which led the SEC Director to conclude that Ether (ETH) was not a security.
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