SEC To Declare XRP As A Token ?
The SEC claimed LBC as a token in its latest hearing
This remarkable win against SEC will impact Ripple vs SEC lawsuit
The Ripple vs Securities and Exchange Commission (SEC) lawsuit is one of the long running cases. The lawsuit against XRP began in December 2020. Now, the crypto community is eagerly awaiting the results as the lawsuit is very close to the conclusion. To add on to this Ripple vs SEC case, John Deaton who is closely following the case had claimed that the hearing in the LBRY case will play an important role for the crypto market.
The lawsuit against LBRY by SEC had its last hearing on January 30, 2022 where the Judge concluded that LBC secondary market transactions are not security. Here, John Deaton, who is also a founder of Crypto Law played an important role during the hearing.
LBRY Case To Influence Ripple vs SEC Case
After referring to an article written by commercial contract lawyer Lewis Cohen, Deaton argued that as per the article there is no mention of LBC as a security. This gave rise to discussion in the court after which the judge stated that he cannot stop LBRY users to trade LBC as it’s not a security. This statement will now act in favor of other crypto-related cases like Ripple vs SEC.
John Deaton gained appreciation for his commendable action where SEC claimed that LBC is a token and not security. One such appreciation came from Hogan & Hogan law firm partner, attorney Jeremy Hogan and Eleanor Terrett, Journalist at Fox Business through a twitter post.
Hence, this win against the SEC is now expected to impact Ripple’s XRP lawsuit on a positive note. Currently, XRP is valued at $0.395 after a fall of 3.97% over the last 24hrs.