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.

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