XRP Lawyer John Deaton Files for Appearing in LBRY Case, LBRY Token Surges
Lawyer John Deaton, who represents multiple token holders in the Ripple-SEC litigation, has formally filed his notice of appearance as an Amicus Curiae in the LBRY lawsuit.
Renowned lawyer John Deaton, known for his tireless advocacy for cryptocurrency investors, has formally entered the LBRY lawsuit as an Amicus Curiae, representing Naomi Brockwell.
Brockwell, the founder of Crypto Law, has been a significant figure in offering legal insights into crypto-related regulations in the U.S. Deaton's active involvement in cryptocurrency legal proceedings and his representation of XRP token holders in the SEC vs. Ripple lawsuit make this development noteworthy.
LBRY's Legal Battle with the SEC
LBRY, a decentralized digital content-sharing platform, faced a legal setback in November 2022 when the SEC successfully argued that their native currency, LBRY Credit (LBC) coins, qualified as unregistered securities.
This ruling hinged on LBRY's alleged sale of LBC as securities without proper registration, a decision that could have far-reaching implications for the broader digital asset industry.
Judge Paul J. Barbadoro's ruling in favour of the SEC highlighted LBRY's statements suggesting LBC's value appreciation through LBRY's efforts.
This, according to the court, aligned with the criteria of the Howey test, which evaluates whether an investment constitutes a security. LBRY's defense, asserting LBC's utility as a network currency, was rejected.
Implications for LBRY and Ripple's Victory
The LBRY case, while significant on its own, also carries potential implications for the SEC vs. Ripple lawsuit. Notably, on July 14, 2023, U.S. District Judge Analisa Torres ruled in Ripple's favour, determining that the sale of XRP tokens to retail buyers did not constitute securities.
LBRY Price Analysis
LBRY Credits (LBC) is currently trading at $0.01373932 with a 24-hour trading volume of $17,604.17. This marks a 3.43% increase in the previous 24 hours and a 7.96% increase in the last 7 days. LBRY Credits has a market valuation of $8,997,882 with a circulation supply of 650 Million LBC.
Source: CoinStats
On September 6, LBRY (LBC) experienced a significant surge, registering an impressive 33% increase in price. This sudden surge indicates a surge in buying activity and a notable shift in market sentiment.
The 50-day Simple Moving Average (SMA), currently standing at $0.009, plays a crucial role in understanding LBRY's price trend. Presently, the token is trading above this average, indicating a bullish trend within this 50-day period. This suggests that LBRY has been outperforming its recent historical averages.
As of the latest reading, the RSI is at 58. Previously, it had ventured into the overbought zone with an RSI of 69, signalling a period of potential overvaluation. However, the recent dip indicates that bears are beginning to assert themselves in the market.
Source: TradingView
Conclusion
In conclusion, the LBRY and Ripple lawsuits serve as pivotal moments in the ongoing dialogue surrounding the legal status of digital assets. With John Deaton's involvement, these cases are not only shaping legal precedents but also emphasizing the need for comprehensive regulatory frameworks in the dynamic world of cryptocurrencies.
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