Ripple Ally v SEC: New key date emerges as appeal progresses

Ripple Ally v SEC: New key date emerges as appeal progresses
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In an interesting development in the LBRY appeal caseThe First Circuit Court of Appeals in Boston ordered the blockchain startup to file its brief by November 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; The blockchain business suffered another setback on July 11, when the final ruling confirmed the SEC’s victory.

In what could be considered punitive, LBRY was permanently restricted and prohibited from participating, directly or indirectly, in any unregistered crypto asset securities offering. The final judgment further ordered LBRY to pay a civil penalty of $111,614 to the SEC within 30 days of the issuance of the judgment.

In its court commitments, LBRY announced its plans to close and dispose of the remainder of its pre-mined LBC shortly after the final verdict.

However, in a bold move praised by the XRP community and the rest of the crypto industry, LBRY filed a notice of appeal on September 7, addressing the final verdict issued by the court on July 11.

This move will take its first significant step as LBRY prepares for a legal showdown on November 11 when it files its appeal brief.

LBRY’s appeal is gaining support from legal experts in the crypto community. In this regard, the attorney for the XRP holders, John Deaton, has filed a Notice of Appearance on behalf of amicus curiae Naomi Brockwell.

LBRY’s bold move in appealing its case is inspired by the landmark July 13 ruling in the Ripple litigation, which determined that XRP itself does not qualify as a security.

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