The cryptocurrency sector is currently awaiting a resolution in the prolonged Ripple vs. the Securities and Exchange Commission (SEC) lawsuit. However, legal experts have now expressed their opinions on LBRY’s recent legal action against the SEC.
LBRY, a platform for sharing and publishing content, submitted a supplemental brief in support of its motion to restrict the remedies sought by the SEC in the ongoing case of SEC vs. LBRY.
LBRY has stated in its filings that it has been actively seeking clarification from the SEC regarding the use of LBRY Tokens for several years. Despite these efforts, the commission has declined to provide a clear explanation of the token’s status, instead pursuing a broad injunction that lacks specificity and transparency.
LBRY is asking the Court to clarify that secondary sales of LBRY are not affected by the judgment.
Watch out for this ruling! as this is a possible scenario in the Ripple case with the SEC asking for a broad/vague injunction and Ripple seeking clarity from the Judge. pic.twitter.com/B1WdM7lINL
— Jeremy Hogan (@attorneyjeremy1) May 26, 2023
In response to this latest development, Jeremy Hogan, a lawyer supporting XRP, urged members of the XRP community to pay close attention to the outcome of the LBRY case. He urged XRP community members to stay informed and monitor the progress of both cases closely, as the outcomes could have implications for the broader cryptocurrency industry.
He wrote, “Watch out for this ruling! as this is a possible scenario in the Ripple case with the SEC asking for a broad/vague injunction and Ripple seeking clarity from the Judge.”
Telling the court in effect it shouldn’t impose relief. If the judge decides the SEC has congressional authority to regulate digital assets it will not be helpful to Ripple and Coinbase even though it wouldn’t be a binding a decision. Whose funding the appeal. LBRY is insolvent/2
— bill morgan (@Belisarius2020) May 26, 2023
The ongoing legal dispute between Ripple and the SEC is currently awaiting a Summary Judgment. However, there has been a recent development as the court has denied the commission’s request to keep the Hinman documents confidential. This decision has sparked significant anticipation within the cryptocurrency industry, as key documents are expected to be released soon.
