Attorney Deaton, SEC’s of Ripple He said that he would refer to this case in his response to the request for summary judgment.
Cryptocurrency The community is reacting to news that the SEC has won against popular peer-to-peer content distribution company LBRY.
Recall that the SEC sued LBRY in May 2021 for offering unregistered securities to US investors. The SEC filed a lawsuit against the P2P content distribution company just months after it filed a similar lawsuit against Silicon Valley tech firm Ripple.
“SEC Will Use LBRY Decision Against Ripple and Other Cryptos”
Many crypto and legal analysts predict that the outcome of the LBRY case will play a crucial role in the Ripple case. Attorney John Deaton, founder of Crypto Law, was among the legal analysts reacting to the SEC’s victory over LBRY.
In a tweet today, Attorney Deaton stated that he believes the Securities and Exchange Commission will refer to the LBRY decision in their response to Ripple’s summary resolution motion, even though it has not been long since the decision.
Haven’t had time to read it, but I’m sure @SECGov will cite it in the reply brief due in a couple of weeks and @Ripple will distinguish it on the facts. This decision is in the 1st Circuit. The Ripple XRP case is in the 2nd Circuit and has different precedent like the Upton case. https://t.co/72gEIJ6vMi
— John E Deaton (220K Followers Beware Imposters) (@JohnEDeaton1) November 7, 2022
Deaton also said that Ripple would likely differentiate the case based on the facts in the company’s own response to the SEC’s request for summary judgment:
“This decision was taken in the 1st Chamber. The XRP case is in the 2nd Circuit and has a different precedent like the Upton case.”
Deaton also said in a separate tweet that the SEC had a flawless victory over LBRY because the court did not differentiate between the token sale. He added that the SEC and its chairman, Gary Gensler, will use this case as a counter-example to crypto projects in the future.
*Not investment advice.
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