LBRY Ruling To Affect Ripple Lawsuit? XRP Lawyer Drops Advice
A new debate has sparked over the recent court’s ruling over the US SEC vs LBRY case. However, the latest XRP news is revolving around whether the SEC can use the win as the argument in the XRP lawsuit.
Is LBRY Judgment bad XRP news?
Attorney James Filan reported that New Hampshire Court ruled out that LBRY offered LBC as a security. While Fair Notice Defense fails. He added that the judge finds that no reasonable trier of facts presented could reject the SEC’s dispute that LBRY offered LBC as a security.
He added that the court mentioned that LBRY does not have a triable defense and that it lacked fair notice. This is why SEC is entitled to judgment.
Eleanor Terrett, Fox Business journalist reported that Jeremy Kauffman, CEO said that this ruling establishes a precedent that threatens the entire US cryptocurrency industry. He highlighted that under the SEC vs LBRY standard almost every digital assets including Ethereum and Dogecoin are securities.
He added that the future of cryptocurrency in the nation no rests in with the authority even worse than the SEC.
How it can affect Ripple lawsuit?
John Deaton, Amicus Curiae in the SEC lawsuit stated that this ruling is a very bad decision. He asserted that this judgment is just one district judge’s interpretation of the law which was applied to one specific case.
Deaton highlighted that defendant’s lawyer did not contest Howey’s 2nd prong requiring a common enterprise. However, they didn’t even ask the judge to distinguish between secondary market sales and direct sales by the firm.
Meanwhile, he suggested that Ripple has a much better chance over 50% but it is not because of Ripple or what they did or not. However, it is more about how the Commission chose to present the case. The SEC chose to lead with an all or nothing approach.
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