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In a recent development surrounding the LBRY case, lawyer James K. Filan took to Twitter yesterday to announce an intriguing update. Stirring up anticipation within Ripple’s XRP community, LBRY has filed its Supplemental Brief in Support of Its Motion to Limit the Commission’s Remedies. Jeremy Hogan: Drawing Parallels To The Ripple Case Notably, XRP Attorney […]
Attorney Deaton has highlighted the significant difference between the Ripple and LBRY lawsuits. CryptoLaw founder and pro-XRP attorney John Deaton recently called public attention to the major factors differentiating the Ripple and LBRY lawsuits. He made this known after a Ripple Engineer pointed out that the build-up to the summary judgment decision in the Ripple […]
The post Deaton Highlights Major Difference Between Ripple and LBRY Lawsuits first appeared on The Crypto Basic.
The Chamber of Digital Commerce submitted an amicus brief asking the SEC to drop its case against former Coinbase employee Ishan Wahi for insider trading, alleging that the agency is trying to classify secondary market transactions as securities. (Read More)
Deaton shared more details about the final hearing between LBRY and the SEC. In a tweet today, attorney John Deaton disclosed that U.S. District Judge Paul Barbadoro, who presided over the final hearing between LBRY and the SEC, knocked the SEC for failing to provide clarity for the crypto industry. According to attorney Deaton, who attended […]
The post Judge Asks SEC to “Take Responsibility” for Not Providing Clarity for Crypto first appeared on The Crypto Basic.
Calls for Coinbase to relish XRP have again reached a fever pitch inspired by a significant victory scored by LBRY with the help of Naomi Brockwell and John Deaton. LBRY has called for Coinbase to relist XRP. The digital content hosting blockchain team made this request in a tweet yesterday. According to LBRY, using the […]
The post Will Coinbase Relist XRP as Judge Declares Secondary Market Sales Non-Securities? first appeared on The Crypto Basic.
XRP/Ripple lawsuit is heading to a decisive end either through settlement or summary judgment. But a recent ruling of Ripple’s ally LBRY against the SEC has rekindled hope for the crypto community. In what is touted to be “crypto’s major win”, the US regulator opted for settlement with the decentralized payment network LBRY after admitting […]
SEC vs. LBRY: Deaton And Gannon Submit Request To File Amicus Brief On Behalf Of Naomi Brockwell. Attorneys John E. Deaton and Bill Gannon have submitted a request to file an amicus brief on behalf of Naomi Brockwell in support of LBRY’s Motion To Limit The Remedies against the US Securities and Exchange Commission. Defense […]
The post XRP Holders Attorney Deaton Dives into SEC vs. LBRY Case, Files Amicus Brief Supporting LBRY first appeared on The Crypto Basic.
Ripple’s ally LBRY has obtained court approval for an expedited briefing schedule concerning the remedies sought by the commission. US attorney and former federal prosecutor James K. Filan shared via tweet. According to the document filed the decentralized content platform said it proposed a settlement with the SEC on Nov. 25. On Nov. 29, following […]
After losing a battle with the SEC earlier this month, the business behind the blockchain publishing platform LBRY published a
After Elon Musk lamented the winding back of Apple's Twitter advertising, crypto company LBRY replied about its own troubles with Apple and censorship.
XRP/Ripple’s lawsuit quest for victory encountered one major hurdle when a New Hampshire Court ruled that LBRY, a decentralized digital content, and payment network offered its native token LBC as security and that the Fair Notice Defense failed. The Court found “no reasonable trier of fact could reject the SEC’s contention that LBRY offered LBC […]
The crypto-powered video platform LBRY has lost a case against the SEC, making its native asset a security. LBRY Sold Unregistered Securities LBRY has lost to the SEC. In a...
A United States court has ruled in favor of the Securities and Exchange Commission (SEC) in its case against LBRY, as it ruled that the blockchain network offered its LBC token to investors as a security.
The post LBRY tanks 35% as US court declares it security appeared first on CryptoSlate.
US securities regulator has sought to drastically bring down the fine it asked the court to slam against LBRY, a blockchain-based file-sharing and payment network it sued in March 2021. The watchdog had alleged that the crypto startup’s native LBC tokens were unregistered securities.
The Securities and Exchange Commission (SEC) previously asked the court to fine LBRY $22 million for pooling $11 million from its unauthorized offering. However, in a court document filed on Friday, the regulator asked the court to reduce the amount to $111,614, noting that it considered the firm’s argument that “it is defunct, ceasing operations, and without the funds to pay a larger fine.”
SEC Asks Court to "Enjoin" LBRY
Meanwhile, in the new court filing, the federal supervisor also prayed that the court “enjoin” or issue an order warning LBRY against violating its provision that prohibits the offer or sale of securities without registration. It noted that this request should be granted at least until the firm “destroys its LBC holdings and dissolves, as it stated to the Court it will do.”
Explaining the reason for its request, SEC argued that the file-sharing company’s alleged violation “was a continuous effort conducted over more than five years and continued well after this case was filed.” The US watchdog further claimed that LBRY’s conduct was “egregious” and “specifically intended to effect or alter the trading market for LBC.”
Furthermore, the SEC maintained that the firm has not recognized that its conduct was unlawful. It added that the crypto startup remains in a position to violate the country's securities registration law.
LBRY Calls SEC’s Action “Disastrous”
The SEC started investigating LBRY in May 2018 and filed a complaint against the company in 2021. In the complaint, the securities regulator accused LBRY of selling unregistered securities to retail and institutional investors between 2016 and 2021.
Finance Magnatesreported that LBRY had promised investors that it would facilitate a secondary trading market for its tokens to enable them to cash out their holdings just as the demand for and the value of the tokens increase. Responding to SEC's complaint, the company in a website write-up accused SEC of “advancing an aggressive and disastrous new standard that would make all blockchain tokens securities.”
“Classifying all actively developed blockchain tokens as securities will be a bureaucratic nightmare for United States residents and businesses operating in the US,” LBRY wrote on the website, helplbrysavecrypto.com.
This article was written by Solomon Oladipupo at www.financemagnates.com.
The United States securities regulator is seeking to revise its $22 million punishment against decentralized content platform LBRY, acknowledging it is unlikely to be able to cough up the funds to be able to pay it. In a May 12 filing in a New Hampshire District Court, the Securities and Exchange Commission (SEC) sought an [...]
The post SEC revises $22M punishment against LBRY, seeks $111K instead appeared first on Crypto Breaking News.
The US Securities and Exchange Commission (SEC) has revised the initial punishment against a blockchain-based content provider, LBRY. It has significantly reduced the penalty from the previous $22 million to a revised amount of approximately $111,000. SEC Revises Initial Penalty On LBRY The decentralized content-sharing platform that utilizes blockchain technology found itself in legal trouble [...]
The post SEC Reduces LBRY’s Fine From $22 Million To $111,000 After Revision of Punishment appeared first on Crypto Breaking News.
From Steemit and LBRY to Ujo Music and SuperRare, discover how blockchain technology empowers content creators in the digital age.
Ripple CTO David Schwartz has highlighted a part of LBRY’s final ruling considered a victory for LBC token holders. David Schwartz, CTO at Ripple, has joined other top cryptocurrency stakeholders to react to Judge Paul Barbadoro’s final ruling on the SEC v. LBRY case. Despite efforts by attorney John Deaton and LBRY attorneys to get Judge […]
The post Ripple CTO Says This Part of LBRY Final Ruling Is Still A Victory first appeared on The Crypto Basic.
While the judge has delivered a final ruling on the LBRY vs. SEC case, he failed to rule on LBC’s security status, raising concerns for Ripple and XRP. The recent final ruling on the LBRY case by Judge Paul Barbadoro has sparked concerns within the XRP community regarding the forthcoming decision in the SEC vs. Ripple […]
The post Final Ruling on LBRY Raises Concerns for Ripple and XRP first appeared on The Crypto Basic.
US court ruling on LBRY Credits' security status may impact Ripple's upcoming case, setting legal precedent.
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