Victory

<div class="intro-text">
 News that blockchain company LBRY has ceased operations amid an SEC lawsuit has cast a shadow over Ripple’s latest legal victory against the regulator.
</div>
On Thursday, the SEC dismissed claims against Ripple executives Brad Garlinghouse and Chris Larsen, marking a major win. But the same day, LBRY announced it is shutting down despite only owing the SEC around $100,000 after charges over unregistered securities sales.
<blockquote class="twitter-tweet">
 LBRY Inc. is winding down.
 The LBRY network is unaffected.
 Odysee and other assets will undergo a legal process to satisfy debts, but Odysee has a bright future ahead.
 Thank you to everyone who fought with us for online freedom.
 A final goodbye post is in the first reply.
 — LBRY <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LBRYcom) <a href="https://twitter.com/LBRYcom/status/1715108834950123929?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 19, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The juxtaposition triggered debate over the uneven hand dealt by regulators to crypto firms based on size and resources.
Ripple, being a larger and well-funded entity, could take on the SEC’s 2020 lawsuit. In contrast, LBRY, despite having created an active platform for content creators, ultimately succumbed to legal pressures and decided to cease operations.
“Whilst we celebrate another massive win for Ripple, let’s not forget the damage the SEC has already done to crypto,” said XRP influencer Ashley Prosper.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRP</a> <a href="https://twitter.com/hashtag/XRPCommunity?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPCommunity</a> Whilst we celebrate another massive win for Ripple, let’s not forget the damage the SEC has already done to crypto. <a href="https://twitter.com/LBRYcom?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@LBRYcom</a> has decided not to continue its appeal against the SEC and shut its doors for good today. However, with the rampant censorship on X and… <a href="https://t.co/66tOS8L7Z7" rel="noopener noreferrer nofollow">https://t.co/66tOS8L7Z7</a> <a href="https://t.co/6hr3GL6qpi" rel="noopener noreferrer nofollow">pic.twitter.com/6hr3GL6qpi</a>
 — Ashley PROSPER (@AshleyPROSPER1) <a href="https://twitter.com/AshleyPROSPER1/status/1715195368462286993?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 20, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
She expressed hope LBRY’s video app Odysee would persist, given censorship concerns on major platforms.
But others mourned LBRY as a promising crypto startup “regulated into oblivion” after millions in legal costs.
This situation highlights a disparity: larger companies like Ripple can endure regulatory challenges that might cripple smaller innovators. It’s worth noting that Ripple still faces ongoing battles regarding potential penalties for <a style="color: #0000ff;" href="https://twitter.com/EleanorTerrett/status/1715120048682029362" rel="noopener noreferrer nofollow">$700 million in XRP sales</a>, even though charges against its executives have been dropped by the SEC.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
&nbsp;
The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/ripples-victory-marred-by-lbrys-shutdown-sparking-debate/">Ripple’s Victory Marred By LBRY’s Shutdown, Sparking Debate</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Ripple’s Victory Marred By LBRY’s Shutdown, Sparking Debate

DeFi Planet

Other articles published on Oct 20, 2023

Temporary pro-crypto legislator remains The front-runner for US House Speaker loses the first rou...

Shiba Inu Price Prediction as Whale Moves 4 Trillion SHIB to Unknown Wallet – What's Going On?

VC Millionaires Investing in THESE Altcoins For BIG PROFITS

Solana Price Skyrockets as Bulls Dominate; Further Surge Likely?

Yield App (YLD) Price Prediction 2024, 2025, 2030, 2040, and 2050

KardiaChain (KAI) Price Prediction 2024, 2025, 2030, 2040, and 2050

Join our free newsletter for daily crypto updates!