John Deaton, a prominent attorney representing numerous XRP token holders in the Ripple-Securities Exchange Commission (SEC) lawsuit, has taken a significant step by officially submitting his notice of appearance as an Amicus Curiae in the LBRY lawsuit.
This noteworthy development transpired on September 14, 2023, when Deaton formally lodged his Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell, who is widely recognized as the founder of Crypto Law.
Crypto Law is a dedicated platform offering invaluable insights and updates on legal and regulatory developments pertaining to cryptocurrencies in the United States, and it operates in collaboration with Deaton.
John Deaton has earned a reputation for his unwavering advocacy for the rights of cryptocurrency investors and his active participation in legal proceedings and discussions related to cryptocurrency regulations and legal actions. His involvement in the LBRY lawsuit marks another significant stride in his commitment to the cryptocurrency community.
The LBRY lawsuit originated in March 2021 when the United States SEC initiated legal action against LBRY.
The SEC alleged that LBRY had unlawfully sold LBC tokens without complying with the agency’s registration requirements, as mandated by law.
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On September 7, 2023, LBRY filed a notice of appeal with the United States Court of Appeals for the First Circuit, seeking to challenge the final judgment delivered on July 11.
This judgment had ordered LBRY to pay a civil penalty and imposed a prohibition on its participation in unregistered offerings of crypto asset securities in the future.
In July 2023, the United States District Court for the District of New Hampshire issued its final judgment in the US SEC vs. LBRY lawsuit, determining LBRY’s liability for violating Section 5 of the Securities Act of 1933.
The outcome of this case was closely watched for its potential implications for the ongoing XRP lawsuit.
However, on July 14, 2023, U.S. District Judge Analisa Torres handed down a summary judgment in favor of Ripple.
The judgment established that the sale of XRP tokens to retail buyers did not qualify as securities, providing a significant legal victory for Ripple and its supporters.
John Deaton’s involvement as Amicus Curiae in the LBRY lawsuit underscores the interconnectedness of legal actions within the cryptocurrency space and the growing influence of individuals dedicated to safeguarding the rights and interests of cryptocurrency investors.
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