The legal fight between the LBRY & the United States Securities regulatory body resulted in a very big win for the Crypto industry.
The United States Securities and Exchange Commission (SEC) is a top financial regulatory body in the US. This regulatory body mainly regulates the spot money market & those companies which provide services in the form of security tokens. Over the years, the SEC Agency showed that it was not supportive of Crypto companies because of the unclear crypto regulatory framework in the United States.
On 31 Jan 2023, the Court ruled in favor of the LBRY coin team against the SEC agency and finally, the SEC agency admitted that the sale of LBRY Credits (LBC) tokens in the secondary market doesn’t constitute a security.
Popular US attorney John Deaton was the main leader in this case in support of LBRY and he helped the LBRY team to reach a better outcome.
Many experts noted that it was not all about the LBRY vs SEC fight, instead, it is a very big victory for the crypto industry against the bitter regulatory approach of the US authorities.
Jeremy Hogan, the partner at Hogan & Hogan, also responded to this case and congratulated Deaton & LBRY.
A few Crypto Twitter users started to talk about the Ripple vs SEC Lawsuit, where Ripple is fighting to prove that XRP was not a Security & also Ripple executives never violated the securities Act.
One of the Crypto Twitter users noted that this outcome may degrade the SEC agency against Ripple in the XRP Lawsuit.