The XRP neighborhood got here in help of blockchain-based file-sharing and fee community LBRY after it filed a discover of enchantment in opposition to the U.S. Securities and Exchange Commission (SEC). LBRY instantly determined to enchantment in opposition to the ultimate judgment in favor of the U.S. SEC in July, sparking pleasure within the crypto neighborhood.
LBRY Files Notice of Appeal Against US SEC
According to a filing within the U.S. District Court for the District of New Hampshire on September 7, LBRY now appeals to the court docket in opposition to the ultimate judgment entered on July 11. The decide sided with the U.S. Securities and Exchange Commission (SEC) that the agency bought unregistered securities.
After two months of final judgment, LBRY determined to struggle again in opposition to the US SEC. LBRY confirmed earlier that it’ll utterly wind down its operations, with the neighborhood free to resolve how you can make use of its LBC token. LBRY proprietor Jeremy Kauffman additionally was dissatisfied with the choice, however latest rulings in Ripple and Grayscale have turned the tables.
Jeremy Kauffman additionally shared posts of help from the XRP neighborhood however didn’t reveal something in regards to the resolution to file an enchantment after two months.
LBRY has filed a Notice of Appeal in opposition to the SEC. pic.twitter.com/Zp9S0TP0Qw
— LBRY 🚀 (@LBRYcom) September 7, 2023
Read More: XRP Lawyers And Ripple Chairman On The Outcome Of US SEC Lawsuit
Support from XRP Community
LBRY announcement sparked pleasure within the XRP neighborhood, with many anticipating a win in opposition to the U.S. SEC. Lawyer Bill Morgan mentioned “Everyone is on your side especially holders of the LBC token. I always said it wasn’t a good judgment.”
Key neighborhood members resembling pro-XRP lawyer John E. Deaton and others additionally reacted to LBRY submitting. This is a serious second for the crypto neighborhood to forestall the SEC’s irrational actions in opposition to the crypto trade.
Also Read: CFTC Cracks Down on DeFi Platforms for Illegal Trading of Crypto Derivatives
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