The court approved LBRY’s request for a hurried briefing schedule on Ripple lawsuit’s requested remedies
James K. Filan’s most recent reports indicate that the court has approved LBRY’s request for an expedited briefing schedule regarding the commission’s requested remedies between Ripple.
Motion granted. Expedited briefing schedule approved.
— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) December 1, 2022
Ripple Ally and SEC: Events Just Getting Started as Scheduling Is Approved
In the document submitted, LBRY claimed that during a status conference on Nov. 21, it gave the SEC a settlement proposal on Nov. 25. On Nov. 29, following the submission of the settlement plan, the parties met to negotiate the terms. Still, they could not agree on the remedies requested by the regulator.
Given its financial situation, LBRY asked for an accelerated briefing timetable, which the court has already granted.
The suggested deadlines are as follows: LBRY’s motion is due on December 7th. On December 14, one week from now, the SEC must respond. By December 19, LBRY would have to respond.
The SEC sued LBRY at the beginning of 2021 over the illegal sale of LBC tokens. Since then, the case has received much attention since it raises the frequently disputed question of whether cryptocurrencies are securities. As was previously reported, LBRY’s action against the SEC was unsuccessful because the court found that the cryptocurrency startup offered its token as an unregistered security.
The SEC v. Ripple case is now proceeding in the Second Circuit, while the LBRY case was heard in the First Circuit. Thus, the adverse decision might not affect Ripple’s conclusion, according to CryptoLaw founder John Deaton. However, Deaton thinks the SEC might include the LBRY decision in its defense of Ripple. Both parties have started submitting their responses to the series of summary judgment requests in the continuing Ripple-SEC action. The public redacted versions of the responses are anticipated in December.
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