From Ripple to LBRY: SEC has this to say about Defendants’ and their motion(s)
The SEC v. Ripple case continues to see new developments every week. However, a lesser-known case might just provide some clarity first – The SEC’s lawsuit against LBRY is scheduled for trial in September 2022.
In 2021, the SEC filed a complaint against LBRY, Inc. one where the agency alleged LBRY violated the Securities Act of 1933. The “accused” allegedly offered unregistered securities when it sold “LBRY Credits” to numerous investors, including investors based in the United States, without registering with the SEC.
Does the issue ring a bell? Yes, it does in fact have a similar tone to that of Ripple’s case.
The last two weeks saw the defendant push back on the agency’s claims and asserted several affirmative defenses. Here, they filed the Memorandum in opposition to the SEC’s Motion for Summary Judgment. This was mostly done to strengthen the Defendant’s claims against the regulatory watchdog.
Furthermore, the SEC filed its reply to LBRY‘s Opposition to the SEC’s Motion for Summary Judgment on 26 June. Attorney James Filan shared news about the filing via a tweet that highlighted different reasons behind the reply.
<p lang=«en» dir=«ltr» xml:lang=«en»>#XRPCommunity #SECGov v. #Ripple #XRP #LBRY In the #LBRY case, the SEC has filed its Reply to #LBRY's Opposition to the SEC's Motion for Summary Judgment. https://t.co/Xw3cBn7CXt— James K. Filan
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