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The Lawsuit of Ripple vs. SEC has been in the headlines that shows its weightage but there are other cases that are not in enough limelight but have potential
The scale of lawsuit between payment protocol Ripple (XRP) networks parent company Ripple Labs and American watchdog, US Security and Exchange Commission is quite high. This is often seen as the classic case whose decision could form the way ahead for the whole crypto industry and roles of financial authorities in the digital assets industry. The case of SEC vs. Ripple had gathered tons of headlines across the crypto space but there are several other cases like SEC vs. LBRY that could bring the needed clarity to the case.
The Security and Exchange Commission last year filed a complaint against a blockchain based file sharing and payment network named LBRY Inc. The financial watchdog alleged the network for violating the Securities Actof 1933. It is being said by theSEC that LBRY offered LBC, that are unregistered securities, while selling LBRY Credits to its investors. The case is said to have a lot of similarities with the ongoing and popular Ripple and SEC lawsuit and the trial for SEC vs LBRY is scheduled in September 2022.
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It was about a week earlier when LBRY pushed against the claims made by the SEC and put several affirmatives in its defense. On 18th June, 2022, the accused filed a memorandum in opposition to the motion of the SEC for a Summary Judgment. An attorney named James Filan highlighted the filings in his tweet.
The blockchain based file and payment sharing network, LBRY is designed in such a way that it could create a publication platform in itself that would allow unlimited and uncensored digital content interaction. The platform of LBRY puts the transaction with the help of its negative token LBC for various tasks including tipping and paid content’s subscription.
The commission in support of its argument points out only some of the posts and messages of LBRY in order to prove that the network promoted its native token as an investment opportunity. The SEC by far has ignored the other context and meaning that post was implying.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
