LBRY Appeal Case: Ripple Ally Takes First Step in Legal Battle

Stay updated on the latest developments in the LBRY appeal case as Ripple ally takes its first big step in the legal battle. Learn about the ongoing legal dispute between LBRY and the SEC over the nature of LBRY Credit (LBC).

Posted 7 months ago in Blockchain


The LBRY appeal case is making headlines in the crypto industry

In an interesting development in the LBRY appeal case, the First Circuit Court of Appeals in Boston has directed the blockchain startup to file its brief by Nov. 1, 2023. This action follows a protracted legal battle between the Securities and Exchange Commission (SEC) and LBRY over the nature of its LBRY Credit (LBC). The SEC prevailed in summary judgment against LBRY, and the final ruling on July 11 upheld the SEC's victory.

LBRY was permanently restrained and enjoined from participating in any unregistered crypto asset securities offering. Additionally, LBRY was ordered to pay a civil penalty of $111,614 to the SEC within 30 days of the judgment's entry. Despite these setbacks, LBRY filed a notice of appeal on Sept. 7 and is now preparing for a legal showdown on Nov. 11 when it submits its appeal brief.

The LBRY appeal has gained support from legal experts, including XRP holders' attorney, John Deaton, who has submitted a Notice of Appearance on behalf of amicus curiae Naomi Brockwell. This move by LBRY is inspired by the landmark July 13 judgment in the Ripple litigation, which determined that XRP in and of itself does not qualify as a security.

Last updated 9/23/2023, 9:05:08 AM

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