XRP Lawsuit To Be Decided Over LBRY Vs SEC Last Hearing?
XRP Lawsuit: The U.S. Securities and Exchange Commission (SEC) registered a remarking victory against LBRY Inc back in November 2022. Experts suggested the SEC win a warning bell for the crypto industry. However, the last hearing in LBRY Vs SEC is expected to drive the much anticipated ruling in the XRP lawsuit.
XRP lawsuit ruling when?
Amicus Curiae in the SEC vs XRP lawsuit, John Deaton asserted that the upcoming hearing in the LBRY case is going to be important for the crypto industry. It is anticipated that the SEC will be using the Judge’s decision in order to apply it to all LBRY Credits (LBC) transactions. The attorney highlighted that this will include secondary market transactions where a user tips a content provider with LBC tokens.
The SEC in the XRP lawsuit has tried to establish that Ripple is a common enterprise. However, this claim has become a real problem for the commission now. Read More XRP News Here…
Meanwhile, the SEC has already received a ruling on the record that many LBC token holders, if not the vast majority, did not see LBC tokens as an investment. While they utilized LBRY’s tokens for personal consumption as a means to make money.
Will Ripple case can reach Apex court?
Deaton articulated that if the Howey Test is strictly applied in the manner how Supreme Court used it in 1946. Most of the cryptos will fail to satisfy the Howey test he added. While the SEC publicly admitted that it disregards the common enterprise factor.
However, the SEC has already stated that they do not require vertical or horizontal commonality per de. While it does not view “commons enterprise” as a distinct element of the term investment contract.
Attorney brought up the Supreme Court’s West Virginia Vs EPA ruling. He stated that with the current trend set by the court, there will be a ruling in the favor of Ripple if the case makes it that far.
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