Attorney John Deaton, a proponent for multiple token holders in the Ripple-Securities Exchange Commission (SEC) legal dispute, has officially filed a notice of appearance as an Amicus Curiae in the LBRY lawsuit.
Deaton’s active involvement in legal proceedings and discussions concerning cryptocurrency regulations and legal matters has earned him a renowned reputation.
On Sept 14, 2023, a document was filed with the United States Court of Appeals for the First Circuit. This document indicates that Deaton has officially presented his Notice of Appearance, representing Amicus Curiae Naomi Brockwell.
Deaton shared a message on X (formerly Twitter), expressing his commitment to persevere in the battle, regardless of the outcome—a win, loss, or draw.
Naomi Brockwell, the founder of Crypto Law, holds a significant position. Her platform is dedicated to providing valuable insights and keeping the public well-informed about legal and regulatory changes in cryptocurrencies within the United States. It is worth noting that Naomi collaborates closely with Deaton.
The attorney has gained recognition for his unwavering support of the rights of cryptocurrency investors. He actively participates in legal proceedings and discussions surrounding cryptocurrency regulations, demonstrating a deep involvement in shaping legal measures within this domain.
SEC Takes Legal Action Against LBRY For Unregistered Token Sale
In March 2021, the U.S. Securities and Exchange Commission (SEC) initiated legal proceedings against LBRY. The SEC claimed that the company violated legal requirements by selling LBC tokens without registering with the agency.
LBRY submitted a notice of appeal to the United States Court of Appeals for the First Circuit on Sept 7. They aim to contest the conclusive judgment issued on July 11. This judgment mandates LBRY to pay a civil penalty and prohibits their involvement in unregistered offerings of cryptocurrency securities moving forward.
In July of 2023, the United States District Court issued its final verdict in the legal case of US SEC vs. LBRY for the District of New Hampshire. The court held LBRY accountable for violating Section 5 of the Securities Act 1933.
The LBRY case’s verdict was expected to have significant implications for the XRP lawsuit. However, on July 14, 2023, U.S. District Judge Analisa Torres made a summary judgment in favor of Ripple. She ruled that selling XRP tokens to retail purchasers did not meet the criteria for securities.
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