U.Today - Prominent attorney John E. Deaton, known for his active involvement in the Ripple legal case, his Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell in the LBRY Inc. appeal case.
This comes in the wake of LBRY Inc.'s filing of a Notice of Appeal against a U.S. District Court ruling, which concluded that the company's native token, LBRY Credits (LBC), was an unregistered security.
Deaton's participation has garnered significant attention, especially from supporters who are closely monitoring developments in the SEC's legal actions against blockchain companies.
The LBRY appeal
LBRY Inc., a decentralized content distribution network, found itself at odds with the U.S. Securities and Exchange Commission (SEC) over the classification of its native token. The District Court sided with , stating that LBC indeed qualified as an unregistered security.This decision was based on the court's finding that the token's utility did not outweigh its investment characteristics, thus aligning with "objective economic realities."
In response, LBRY displayed resolve, declaring their intention . Interestingly, the SEC recently moved to reduce the firm's fine, citing the company's financial constraints.
Ripple supporters are keenly observing the LBRY appeal as its outcome could have significant implications.