LBRY Inc to Close Shop After Losing SEC Case
LBRY Inc, the developer of the LBRY Protocol, has announced that it will be winding down its operations following a final judgment in the case against the US Securities and Exchange Commission (SEC). The court ruled that LBRY violated the Securities Act of 1933 when issuing its native cryptocurrency. This has sparked a debate about whether Ripple, currently facing its own legal battle with the SEC, could face a similar fate.
Key Points:
- LBRY Inc is closing down after losing the case against the SEC for violating the Securities Act of 1933.
- Lawyers are now discussing whether Ripple could face a similar outcome in its legal battle with the SEC.
- Some believe LBRY’s legal counsel missed an important argument in their defense.
- A note from the judge highlighted that LBRY’s last-minute argument challenging the SEC’s authority was forfeited.
- Lawyers are debating whether Ripple can raise the Major Questions Doctrine in its case against the SEC.
Hot Take:
The closure of LBRY Inc following its loss in the SEC case serves as a warning to other cryptocurrency projects facing legal battles with regulatory agencies. The outcome of this case raises concerns for Ripple, as it navigates its own clash with the SEC. The debate over the applicability of the Major Questions Doctrine further complicates Ripple’s defense. It remains to be seen how these legal battles will shape the future of the cryptocurrency industry.
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