LBRY Files Appeal Against Ruling in SEC Lawsuit

• On September 7th, LBRY filed an appeal with the U.S. District Court.
• Jeremy Kauffman, owner of LBRY, was likewise unhappy with the earlier verdict.

Following its notice of appeal to the United States SEC, blockchain-based file-sharing and payment network LBRY received support from the XRP community. The abrupt announcement from LBRY that it will appeal the final ruling in favor of the U.S. SEC sparked widespread interest in the cryptocurrency space.

On September 7th, LBRY filed an appeal with the U.S. District Court for the District of New Hampshire, challenging the final decision made on July 11th. The court agreed with the SEC that the company had illegally offered securities without first registering them.

Community Backing

LBRY decided to take legal route in the US SEC lawsuit after the verdict had been out for two months. LBRY has already announced that it would cease all activities, leaving the future of its LBC token up to the community. Jeremy Kauffman, owner of LBRY, was likewise unhappy with the verdict, but favorable decisions in Ripple and Grayscale have swung the pendulum back. The price of LBC spiked on the appeal news and is up 40% in the last 7 days as per data from CMC.

Even after two months, Jeremy Kauffman didn’t say why he decided to appeal, however he did share postings of encouragement from the XRP community. Many in the XRP community were hoping for a victory against the U.S. SEC after hearing about LBRY.

Several prominent members of the community, including pro-XRP attorney John E. Deaton, have voiced their opinions on the LBRY filing. The crypto community is at a tipping point, and they need some remedy to stop the SEC from acting irrationally against the sector.

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