Wednesday, 19 June 2024

Crypto News

XRP lawyer John Deaton joins LBRY case as amicus curiae

XRP lawyer John Deaton joins LBRY case as amicus curiae

Lawyer John Deaton, who represents numerous XRP token holders in the Ripple- Securities Exchange Commission (SEC) lawsuit, has formally submitted his notice of appearance as an Amicus Curiae in the LBRY lawsuit. 

According to a document submitted on Sept. 14, 2023, to the United States Court of Appeals for the First Circuit, Deaton has officially submitted his Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell.

Referring to his submission, Deaton said in a post on X (formerly known as Twitter),

“Win, lose, or draw, we will be in the fight!”

Notably, Naomi Brockwell serves as the founder of Crypto Law, a platform dedicated to offering insights and updates on legal and regulatory developments related to cryptocurrencies in the United States, in collaboration with Deaton.

The lawyer is known for his advocacy for the rights of cryptocurrency investors and his active engagements in legal proceedings and discussions surrounding cryptocurrency regulations and legal actions.

In March 2021, the United States SEC initiated a legal action against LBRY, alleging that the company unlawfully sold LBC tokens without registering with the agency, as required by law.

On Sept. 7, LBRY filed a notice of appeal to the United States Court of Appeals for the First Circuit, seeking to challenge the final judgment entered on July 11 that ordered LBRY to pay a civil penalty and barred it from participating in unregistered offerings of crypto asset securities in the future.

In July 2023, the United States District Court for the District of New Hampshire issued the final judgment in the US SEC vs. LBRY lawsuit. The ruling said that LBRY was liable for violating Section 5 of the Securities Act of 1933.

Related: SEC’s Gary Gensler to hold firm on crypto enforcement in Senate hearing

The outcome of the LBRY case was seen as having potential implications for the XRP lawsuit. However, on July 14, 2023, U.S. District Judge Analisa Torres issued a summary judgment in Ripple’s favor, determining that the sale of XRP tokens to retail buyers did not constitute securities.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?