What impact could the LBRY ruling have on the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC)? This is the question that attorney John E Deaton, who has 75,000 XRP investors behind him in his amicus brief, has tried to clarify.
As revealed yesterday, the New Hampshire court found that LBRY offered the LBC token as an unregistered security and that the fair notice defense does not apply, just as Ripple is pursuing.
The court concluded that “no reasonable trier of fact could reject the SEC’s contention that LBRY offered LBC as a security, and LBRY does not have a triable defense that it lacked fair notice.”
The SEC’s motion for summary judgment was therefore granted. The SEC had sued LBRY in March 2021, about 5 months after the legal battle with Ripple commenced.
Implications For Ripple Vs. SEC
“LBRY fought a good fight but lost on summary judgment,” said…
