XRP Community Backs LBRY As It Decides To Appeal Against US SEC
The XRP community came in support of blockchain-based file-sharing and payment network LBRY after it filed a notice of appeal against the U.S. Securities and Exchange Commission (SEC). LBRY suddenly decided to appeal against the final judgment in favor of the U.S. SEC in July, sparking excitement in the crypto community.
LBRY Files Notice of Appeal Against US SEC
According to a filing in the U.S. District Court for the District of New Hampshire on September 7, LBRY now appeals to the court against the final judgment entered on July 11. The judge sided with the U.S. Securities and Exchange Commission (SEC) that the firm sold unregistered securities.
After two months of final judgment, LBRY decided to fight back against the US SEC. LBRY confirmed earlier that it will completely wind down its operations, with the community free to decide how to make use of its LBC token. LBRY owner Jeremy Kauffman also was dissatisfied with the decision, but recent rulings in Ripple and Grayscale have turned the tables.
Jeremy Kauffman also shared posts of support from the XRP community but didn’t reveal anything about the decision to file an appeal after two months.
LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw
— LBRY 🚀 (@LBRYcom) September 7, 2023
Read More: XRP Lawyers And Ripple Chairman On The Outcome Of US SEC Lawsuit
Support from XRP Community
LBRY announcement sparked excitement in the XRP community, with many expecting a win against the U.S. SEC. Lawyer Bill Morgan said “Everyone is on your side especially holders of the LBC token. I always said it wasn’t a good judgment.”
Key community members such as pro-XRP attorney John E. Deaton and others also reacted to LBRY filing. This is a major moment for the crypto community to prevent the SEC’s irrational actions against the crypto industry.
Also Read: CFTC Cracks Down on DeFi Platforms for Illegal Trading of Crypto Derivatives
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Breaking: U.S. PCE Inflation Rises To 2.7% YoY, Bitcoin Bounces
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
