The recent Summary Judgement in the US SEC vs LBRY legal tussle has sparked a debate over regulations among the crypto community. This has also boosted the speculation of applying the LBRY judgment in the crucial XRP lawsuit. However, the XRP lawyer has refuted these claims.
XRP lawsuit to be decided over LBRY ruling?
As per reports, New Hampshire Court ruled that LBRY offered LBC as a security. However, John Deaton, Amicus Curiae or XRP holders’ lawyer laid out the major reason why the LBRY case wouldn’t impact the Ripple case.
He suggested that the Judge in the XRP lawsuit does not need to follow the ruling. The other case is in the 1st circuit. However, Ripple is in the 2nd circuit. The law cited in the LBRY case does not apply to the XRP lawsuit.
Deaton added that assertions in the XRP lawsuit reject broad vertical commonality around the common enterprise. Meanwhile, this was not the case for LBRY. He mentioned that in the last 76 years of case law no investment contract has ever been found when there is no such relationship between the buyer and seller.
Is LBRY argument flawed?
XRP lawyer suggests that Judge Torres could find the argument to be deeply flawed to argue. He highlighted that the XRP ledger has major utility. Giants like Mastercard, Visa and uphold use it. It is considered a substitute for fiat. While some companies use to pay people.
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He advocated that multiple international jurisdictions have declared Ripple’s XRP not a security. Countries like UAE, Japan, the UK, Singapore, and Switzerland stand on this list.
Coingape reported that XRP attorneys predicted that SEC cannot win Ripple Case over Howey Test. However, many individuals have filed for Amici Curiae. They have cited that they use XRP without any knowledge or association with Ripple.
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