LBRY Credits (LBC) price gained more than 77% on the day. The reason for this rise in the altcoin price is that the crypto project has achieved an important victory in its lawsuit with the SEC. According to John Deaton, a lawyer well-known in the crypto community, the judge may allow the sale of LBRY on the secondary market to continue.
The SEC filed a lawsuit against LBRY in March 2021, alleging it sold unregistered securities. Predictably, the company argued that the LBC token is a digital currency, not a security. But LBRY lost that case in November last year.
Although it seems that the decision has been reached in the case, its effect continues. Topic on Monday: The question was whether secondary markets should be included in the injunction that would ban the sale of altcoins.
Koinfinans.com As we reported, at this particular point, Deaton, a lawyer not affiliated with LBRY but frequently cited in Ripple’s case, participated as amicus curiae. “Amicus curiae” is usually created by a person or group that is not a party to a lawsuit. However, the individual or group requests the court’s approval to present a summary in order to influence decisions.
According to Deaton, the New Hampshire district judge who oversaw the injunction told him, “I will make it clear that my decision does not apply to secondary market sales.”
There is no clarity as to the veracity of these words, but Deaton’s words seem to be enough to give LBC holders hope, as the altcoin price has increased today.
You can follow the current price action here.