The blockchain-based file-sharing and payment network LBRY has received support from the XRP community after filing a notice of appeal against the U.S. Securities and Exchange Commission (SEC). LBRY’s decision to appeal the final judgment in favor of the SEC in July has generated excitement within the crypto community.
On September 7, LBRY officially filed the notice of appeal in the U.S. District Court for the District of New Hampshire, challenging the final judgment entered on July 11. The judge had ruled in favor of the SEC, stating that LBRY had sold unregistered securities. Despite initially planning to wind down its operations, LBRY has now chosen to fight back against the SEC.
LBRY’s owner, Jeremy Kauffman, expressed dissatisfaction with the decision and shared posts of support from the XRP community. However, he did not disclose the reasons behind the decision to file an appeal after two months.
The announcement of LBRY’s appeal has generated excitement among XRP community members, who anticipate a favorable outcome against the SEC. Lawyer Bill Morgan expressed his support, stating that “everyone is on your side, especially holders of the LBC token. I always said it wasn’t a good judgment.”
Prominent community members, including pro-XRP attorney John E. Deaton, have also reacted to LBRY’s filing. This moment is seen as significant for the crypto community, as it presents an opportunity to challenge the SEC’s perceived irrational actions against the crypto industry.
LBRY’s appeal, coupled with recent rulings in cases involving Ripple and Grayscale, has sparked hope for a more favorable regulatory environment for cryptocurrencies.