LBRY files an appeal against the SEC’s ruling that it sold unregistered securities.
The XRP community expresses support and anticipates a positive outcome in LBRY’s legal battle.

LBRY’s Appeal Against SEC: A Ray of Hope for XRP Community

In a significant turn of events, the XRP community has thrown its support behind LBRY, a blockchain-based file-sharing and payment network. LBRY recently filed a notice of appeal against the U.S. Securities and Exchange Commission (SEC), marking a new chapter in its legal battle with the regulatory body. This decision to appeal the SEC’s final judgment, entered on July 11, has injected excitement and anticipation into the crypto community.

LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw

— LBRY (@LBRYcom) September 7, 2023

LBRY’s Move to Challenge SEC’s Ruling

The appeal, filed in the U.S. District Court for the District of New Hampshire on September 7, represents LBRY’s determination to contest the SEC’s assertion that it sold unregistered securities. Just two months after the final judgment was handed down, LBRY has chosen to take a stand against the SEC’s ruling.

Jeremy Kauffman, the owner of LBRY, had previously announced the company’s intention to wind down its operations, allowing the community to decide the fate of its native LBC token. Kauffman expressed dissatisfaction with the SEC’s judgment, but recent legal developments in cases involving Ripple and Grayscale seem to have influenced LBRY’s decision to appeal.

XRP Community’s Eager Support

LBRY’s announcement of its appeal has ignited excitement within the XRP community, which has rallied behind the blockchain platform. Many community members are optimistic about a favorable outcome against the SEC. Bill Morgan, a lawyer, expressed solidarity with LBRY, stating,

Everyone is on your side, especially holders of the LBC token. I always said it wasn’t a good judgment.

Notable figures within the XRP community, such as pro-XRP attorney John E. Deaton, have also voiced their support for LBRY’s appeal. This moment represents a significant juncture for the entire cryptocurrency community in its efforts to resist what it perceives as irrational actions by the SEC targeting the crypto industry.

A Glimmer of Hope Amid Regulatory Challenges

As LBRY’s legal battle unfolds, the XRP community remains watchful, hopeful that this appeal will yield a positive outcome and set a precedent in challenging regulatory overreach. The case not only highlights LBRY’s determination to defend its position but also underscores the broader crypto community’s commitment to safeguarding its interests in the face of regulatory challenges.

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Filed under: Bitcoin - @ September 9, 2023 1:05 pm