Attorney John Deaton, who represents numerous XRP token holders in the Ripple-Securities Exchange Commission (SEC) lawsuit, has formally filed its notice to appear as Amicus Curiae in the LBRY lawsuit.
According to a document sent On September 14, 2023, before the United States Court of Appeals for the First Circuit, Deaton officially filed her Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell.
Referring to his presentation, Deaton saying in a post on X (formerly known as Twitter),
โWin, lose or draw, we will be in the fight!โ
Notably, Naomi Brockwell is the founder of Crypto Law, a platform dedicated to providing information and updates on legal and regulatory developments related to cryptocurrencies in the United States, in collaboration with Deaton.
The lawyer is known for his advocacy for the rights of cryptocurrency investors and his active participation in legal proceedings and debates regarding cryptocurrency regulations and legal actions.
In March 2021, the United States SEC initiated legal action against LBRYalleging that the company illegally sold LBC tokens without registering with the agency, as required by law.
On September 7, LBRY archived a notice of appeal to the United States Court of Appeals for the First Circuit, seeking to challenge the final ruling entered on July 11 that ordered LBRY to pay a civil penalty and prohibited it from participating in unregistered offerings of cryptoasset securities in the future.
In July 2023, the United States District Court for the District of New Hampshire issued the final ruling in the lawsuit US SEC v. LBRY. The ruling said LBRY was liable for violating Section 5 of the Securities Act of 1933.
Related: SEC's Gary Gensler to stand firm on cryptocurrency enforcement at Senate hearing
The outcome of the LBRY case was seen as having potential implications for XRP demand. However, on July 14, 2023, the U.S. District Judge Analisa Torres issued summary judgment in favor of Rippledetermining that the sale of XRP tokens to retail buyers did not constitute securities.
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