Ripple and the Securities and Exchange Commission (SEC) lawsuit is one of those long-running ones. The lawsuit against XRP began in December 2020. Now, the crypto community is eagerly awaiting the results as the case is so close to its conclusion. In addition to the Ripple and SEC case, John Deaton, who has been following the case closely, claimed that the hearing in the LBRY case will play an important role for the crypto market.
The final hearing of the lawsuit filed by the SEC against LBRY was on January 30, 2022. The judge concluded that LBC secondary market transactions were not securities. Here, John Deaton, who is also the founder of Crypto Law, played an important role during the trial. played.
LBRY Case Will Impact Ripple and SEC Case!
Deaton cited an article written by commercial contract attorney Lewis Cohen. He then argued that according to the article, LBC was not mentioned as a security. This caused controversy in court. Then the judge LBRY stated that it cannot prevent its users from trading LBC as it is not a security. This statement will now act in favor of other crypto-related lawsuits like Ripple vs SEC.
LBRY Hearing: The Stakes for ALL Crypto https://t.co/YPbrBkw0Od
NEWS CONTINUES BELOW— CryptoLaw (@CryptoLawUS) January 30, 2023
John Deaton gained credit for the SEC’s commendable action in which he claimed the LBC was a token, not a security. One of these accolades came via a twitter post from Hogan & Hogan law firm partner attorney Jeremy Hogan and Fox Business Journalist Eleanor Terrett.
First word from the SEC v. LBRY hearing:
The SEC admitted on the record that the token itself is not a security.
good job Deaton! https://t.co/tRXIQs5SSu
— Jeremy Hogan (@attorneyjeremy1) January 30, 2023
Takeaways:
1. The @SECGov lawyers in the @LBRYcom case conceded OTR that secondary market sales of $LBC tokens do not constitute a security.
2. No one fights harder for the crypto community than @JohnEDeaton1. Imagine how easy the SEC would have it if it weren’t for him? https://t.co/ad9xOGDfeN
— Eleanor Terrett (@EleanorTerrett) January 30, 2023
Hence, this victory over the SEC is expected to positively impact Ripple’s XRP case. As we have reported as Koinfinans.com, at the time of writing this news XRPIt is trading at $0.395 after a 3.97% drop over the past 24 hours.