LBRY vs. SEC to face the same fate as Ripple vs. SEC? Answer can alarm you
The SEC vs. Ripple case continues to create headlines within the crypto community. But a lesser-known case may provide clarity for the former.
In 2021, the SEC filed a complaint against LBRY, Inc. (a blockchain-based file-sharing and payment network) where the SEC alleged that LBRY violated the Securities Act of 1933. The ‘accused’ offered unregistered securities (LBC) when it sold ‘LBRY Credits’ to numerous investors.
Indeed, the said lawsuit had similar touch points to the ongoing Ripple SEC lawsuit. Now, the SEC’s suit against LBRY is scheduled for trial in September 2022.
A week ago, LBRY pushed back on the agency’s claims and asserted several affirmative defenses. Today, on 18 June, Defendant filed its Memorandum in Opposition to the SEC’s Motion for Summary Judgment. James Filan, an attorney, highlighted the filing in an 18 June tweet.
This filing could support the previous filing, or rather just strengthen Defendant’s claims against the regulatory watchdogs.
<p lang=«en» dir=«ltr» xml:lang=«en»>#XRPCommunity #SECGov v. #Ripple #XRP #LBRY In the #LBRY case, #LBRY has filed its Memorandum in Opposition to the SEC's Motion for Summary Judgment.https://t.co/xj04Kt1HMV— James K. Filan
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