The most recent information following the victory on secondary market sales in Ripple ally v. SEC
LBRY- The SEC case is still active. The presiding judge, Paul J. Barbadoro, has issued an order setting up additional discovery addressing the SEC’s suggested remedies in light of the discussions at the most recent status conference on February 6.
Ripple Ally v. SEC: Here’s Latest Update After Win on Secondary Market Sales
In accordance with the order, the remaining discovery in the case will be phased and accelerated. Within 14 days of the decision, LBRY must furnish the electronic files supporting its profit and loss statement and balance sheet that was included with its motion to restrict the SEC’s remedies.
Within 14 days of the SEC receiving the LBRY papers, the parties will consult to try and agree on a series of specific, limited interrogatories and document requests that address the problems made during the status conference.
The specific problems, however, were not addressed in the order. After that, LBRY will have 30 days to respond to written demands from the SEC. If the SEC thinks depositions are necessary, the parties must meet and consult within 14 days following LBRY’s response to the SEC’s written requests.
The depositions must be finished in 30 days after the parties meet and try to come to a consensus. Then, within 14 days of the end of discovery, the SEC must submit a supplemental brief addressing the issue of remedy. LBRY will have 14 days following the SEC’s filing to submit a brief in rebuttal. The court will then consider the situation before making a final judgment.
CryptoLaw founder John Deaton, who attended the hearing on January 30, disclosed that the judge made it abundantly clear that his decision does not extend to secondary transactions of LBC. Deaton claims that the judge promised to make it crystal clear that his ruling excludes secondary sales.
The SEC was eventually forced to concede that they weren’t pushing for that by him. The judge determined that the initial sales of LBC tokens qualified as a securities offering, hence LBRY was unsuccessful in obtaining a summary judgment against the SEC.
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