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- LBRY files an appeal against the U.S. Securities and Exchange Commission (SEC).
- The XRP
community rallies behind LBRY, anticipating positive outcomes. - The appeal is seen as a significant development for cryptocurrency projects.
LBRY’s appeal against the SEC has stirred excitement within the cryptocurrency community, particularly among XRP supporters who anticipate a favorable outcome. This development is considered a crucial step for crypto projects.
LBRY Takes a Stand Against SEC
Following a final ruling in favor of the U.S. Securities and Exchange Commission (SEC) in July, LBRY, a blockchain-based file sharing and payment network, decided to file an appeal. This move has sparked excitement within the cryptocurrency community, particularly among XRP supporters.
According to a submission made in the U.S. District Court of New Hampshire on September 7, LBRY appealed against the final decision made on July 11. The judge had sided with the SEC, agreeing that the company had sold unregistered securities. LBRY appears to have been emboldened to take this step following the progress of the XRP case.
LBRY’s Decision to Fight Back
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Two months after the final decision, LBRY decided to fight back against the SEC. Previously, LBRY had confirmed that it would cease all operations and that the community was free to decide how to use its LBC token. LBRY’s owner, Jeremy Kauffman, was dissatisfied with the decision, but recent rulings in the Ripple and Grayscale cases turned the situation around. Kauffman shared messages of support from the XRP community but did not make any statements about the decision to file an appeal two months later.
Support from the XRP Community
The LBRY announcement has created a buzz in the XRP community, with many already anticipating a victory against the SEC. Attorney Bill Morgan commented on the matter, stating, “Everyone is on your side, especially the LBC token holders. I always said this was not a good decision.”
Key community members like pro-XRP lawyer John E. Deaton and other followers of the case also responded to LBRY’s application, stating, “This is a crucial moment for the crypto community to prevent the SEC’s irrational actions against the crypto industry.”
Conclusion
The appeal by LBRY against the SEC is a significant development for the crypto industry. The support from the XRP community and the anticipation of a positive outcome reflect the importance of this case. The outcome could set a precedent for other crypto projects facing similar regulatory challenges.
