How the resolution of LBRY vs. SEC case can impact the ongoing case against Ripple

ambcrypto.com:

The Ripple versus the SEC case has been the talk of the town for quite some time now. The crypto community was focused on it to see how a case pertaining to alleged cryptocurrency offerings being a security – would fare in court. But a lesser-known case might just provide clarity first – the SEC’s suit against LBRY scheduled for trial in September 2022.

In 2021, the SEC filed a complaint against LBRY, Inc. where the SEC alleged that LBRY violated the Securities Act of 1933. The “accused” offered unregistered securities when it sold “LBRY Credits” to numerous investors. Including investors based in the United States, without registering with the SEC. As alleged, LBRY received more than $11 million in U.S dollars, Bitcoin, and services from purchasers in its offering.

In its answer, last year, LBRY pushed back on the agency’s claims and asserted several affirmative defenses including a selective enforcement defense and violation of equal protection under the Fifth Amendment accusation. Further, it grants, not sells LBC tokens, to third-parties in furtherance of the Foundation’s goals.

Now, LBRY has filed its ‘Reply Memorandum’ in further support of its motion for Summary Judgment as highlighted byJames Filan, a famed attorney in a June 11 tweet.

— James K. Filan