A well-known crypto advocate joins the LBRY lawsuit as a "Friend of the Court."
John Deaton, an attorney well-known for representing XRP token holders in their lawsuit against the Securities Exchange Commission (SEC), has entered the LBRY legal fray.
On September 14th, Deaton officially filed his Notice of Appearance as an Amicus Curiae (Friend of the Court) in the ongoing LBRY case in the United States Court of Appeals for the First Circuit.
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Deaton's formal entry into the LBRY case comes on behalf of Naomi Brockwell, the founder of Crypto Law. This platform, developed in collaboration with Deaton, provides updates and insights into the US legal landscape surrounding cryptocurrency.
After filing his Notice of Appearance, Deaton took to X (formerly Twitter) to state, "Win, lose, or draw, we will be in the fight!"
The case against LBRY was initiated by the SEC in March 2021, alleging that the company illegally sold its LBC tokens without registering them as securities.
In the ruling, the court claimed that LBRY violated Section 5 of the Securities Act of 1933, imposing a civil penalty on the company and barring it from future unregistered crypto asset securities offerings.
Following a final judgment against LBRY in July 2023, the company filed an appeal on September 7th.
The LBRY lawsuit has been watched closely for its potential implications on other cases, including the high-profile XRP lawsuit. On that front, a significant development took place on July 14th. US District Judge Analisa Torres ruled in favor of Ripple, stating that XRP token sales to retail investors did not meet the criteria to be classified as securities.
John Deaton's involvement in the LBRY lawsuit not only adds a notable figure to the case but also underscores the broader discussions and potential ramifications surrounding cryptocurrency regulations. With Deaton's history of staunchly advocating for the rights of cryptocurrency investors, his entry into this case will likely add another layer of complexity and scrutiny.
