Credits

LBRY Credits

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<p>LBRY Inc., a peer-to-peer content distribution network, <a href="https://twitter.com/FilanLaw/status/1699863080837005748" rel="noopener noreferrer nofollow">has filed a Notice of Appeal</a> against a U.S. District Court's judgment.&nbsp;</p> 
<p>The court had ruled that LBRY's native token, LBRY Credits (LBC), was an unregistered security, thus siding with the U.S. Securities and Exchange Commission (SEC).&nbsp;</p> 
<p>Federal Judge Paul Barbadoro rejected LBRY's argument that its <a href="https://u.today/ripple-allys-lbc-token-jumps-140-following-this-minor-win-in-hearing" rel="noopener noreferrer nofollow">LBC token</a> had utility and was not solely an investment, stating that "objective economic realities" indicated it was a security. LBRY responded to the ruling with resilience, tweeting, "We're going to lick our wounds for a little bit but we're not giving up."</p> 
<p>The appeal, dated Sept. 7, comes after the SEC recently sought to reduce a $22 million fine on LBRY to just $111,614, citing the company's financial constraints.</p> 
<h2 id="xrp-supporters-watching-the-case">XRP supporters watching the case&nbsp;</h2> 
<p>The most recent development is being closely watched by supporters of Ripple, another blockchain company that has been embroiled in a similar legal battle with the SEC.</p> 
<p>The SEC's victory over LBRY in July was seen as a significant setback for Ripple and its cryptocurrency, <a href="https://u.today/xrp-trading-volume-in-august-left-competitors-in-dust" rel="noopener noreferrer nofollow">XRP</a>.</p> 
<p>Both companies were sued by the SEC for allegedly selling unregistered securities, with Ripple facing its lawsuit just months before LBRY.</p> 
<h2 id="ripple-facing-sec-appeal">Ripple facing SEC appeal&nbsp;</h2> 
<p>Interestingly, <a href="https://u.today/ripple-president-makes-big-statement-at-paris-blockchain-week" rel="noopener noreferrer nofollow">Ripple</a> managed to score a partial win against the SEC, with secondary sales of its XRP token not being recognized as securities. This nuanced outcome may have influenced LBRY's decision to appeal.&nbsp;</p> 
<p>However, it is worth noting that <a href="https://u.today/coinbase-v-sec-crypto-exchange-makes-big-step-toward-victory" rel="noopener noreferrer nofollow">the SEC</a> itself is currently working to appeal the Ripple case, meaning that the final outcome is far from certain.&nbsp;</p>

Ripple Supporters Eye LBRY's Notice of Appeal in Ongoing SEC Battle

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