The SEC is coming up stronger in the lawsuits it filed,
The Fall of LBRY
Blockchain based P2P content destruction network LBRY recently lost its case against the SEC in New Hampshire Court. And the New York Southern District Court in Ripple's case has strengthened the SEC by accepting its request to set deadlines and page numbers for filing amicus briefs.
Amicus Brief in SEC Case
Several firms, such as Coinbase, VeryDAO, media etc recently sought permission to file an amicus brief to support Ripple by influencing the decision of the court without taking any side .At the request of the SEC, Judge Annalisa Torres told all parties to file an answer brief in 45 to 55 pages from November 15 to November 30.
Ready To Ripple
The reason for LBRY's loss was that the LBRY token was of no use at the time of the sale. Rippal's lawyer, Jeremy Hogan, is focusing on this.
Ripple CEO Brad Garlinghouse is already cautious. If Ripple also loses the lawsuit on this basis, every crypto in the US will become a security.
Thoughts
SEC vs. Ripple is the most discussed case between an independent government agency and a crypto firm. The LBRY case is just a haystack, but the Ripple case will decide the future of crypto in the US.
