The First Circuit Court of Appeals in Boston ordered the blockchain startup to submit its brief by November 1, 2023, which is an intriguing step in the LBRY appeal case.
The Securities and Exchange Commission (SEC) and LBRY engaged in a long legal dispute about the characteristics of the LBRY Credit (LBC), which led to this lawsuit.
https://x.com/FilanLaw/status/1705322458985767036?s=20
The blockchain industry suffered another defeat on July 11 when the final decision maintained the SEC’s success in the summary judgement case against LBRY.
LBRY was permanently restricted from taking part, directly or indirectly, in any unregistered crypto asset securities offerings, which might be seen as a punitive measure. In addition, the final judgement mandated that LBRY pay the SEC a civil penalty of $111,614 within 30 days of the judgment’s entry.
Shortly after the decision was made, LBRY declared its intentions to wind down and sell off its remaining premined LBC in accordance with its promises to the court.
However, LBRY filed a notice of appeal on September 7 in response to the court’s final decision of July 11, which was applauded by the XRP community and the rest of the crypto industry.
When LBRY publishes its appeal brief on November 11, it will mark the beginning of a crucial phase in this move as it gets ready for a judicial battle.
Legal authorities in the cryptocurrency community are supporting the LBRY appeal. In this regard, amicus curiae Naomi Brockwell’s lawyer John Deaton filed a Notice of Appearance on their behalf.
The risky decision by LBRY to appeal its case was motivated by the historic ruling rendered in the Ripple dispute on July 13 that found that XRP by itself does not meet the definition of a security.
