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The XRP neighborhood got here in help of blockchain-based file-sharing and fee community LBRY after it filed a discover of enchantment towards the U.S. Securities and Exchange Commission (SEC). LBRY abruptly determined to enchantment towards the ultimate judgment in favor of the U.S. SEC in July, sparking pleasure within the crypto neighborhood.

LBRY Files Notice of Appeal Against US SEC

According to a filing within the U.S. District Court for the District of New Hampshire on September 7, LBRY now appeals to the court docket towards the ultimate judgment entered on July 11. The decide sided with the U.S. Securities and Exchange Commission (SEC) that the agency bought unregistered securities.

After two months of final judgment, LBRY determined to combat again towards the US SEC. LBRY confirmed earlier that it’ll fully wind down its operations, with the neighborhood free to resolve find out how to make use of its LBC token. LBRY proprietor Jeremy Kauffman additionally was dissatisfied with the choice, however latest rulings in Ripple and Grayscale have turned the tables.

Jeremy Kauffman additionally shared posts of help from the XRP neighborhood however didn’t reveal something concerning the choice to file an enchantment after two months.

LBRY has filed a Notice of Appeal towards the SEC. pic.twitter.com/Zp9S0TP0Qw

— LBRY 🚀 (@LBRYcom) September 7, 2023

Read More: XRP Lawyers And Ripple Chairman On The Outcome Of US SEC Lawsuit

Support from XRP Community

LBRY announcement sparked pleasure within the XRP neighborhood, with many anticipating a win towards the U.S. SEC. Lawyer Bill Morgan mentioned “Everyone is on your side especially holders of the LBC token. I always said it wasn’t a good judgment.”

Key neighborhood members reminiscent of pro-XRP lawyer John E. Deaton and others additionally reacted to LBRY submitting. This is a significant second for the crypto neighborhood to forestall the SEC’s irrational actions towards the crypto trade.

Also Read: CFTC Cracks Down on DeFi Platforms for Illegal Trading of Crypto Derivatives

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a expertise fanatic and analytical thinker, he has shared his data of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those progressive future applied sciences. He is at the moment protecting all the most recent updates and developments within the crypto trade.

The offered content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.