BlocksInform
The price of lbry (lbc) loans jumped more than 90% earlier today after the US Stock Exchange Commission (sec) accepted that the token was not a stock. Lbc is the native symbol of library credit, a platform aimed at simplifying how digital content is distributed and accessible by consumers and producers.
Library credit had a long struggle with us dry and Monday, A new Hampshire District Judge ruled that AML token transactions in the aftermarket were not securities.
What happened with Sec and Lbry?
The US SEC took action against Library Credit in March 2021 accusing it of selling an unregistered security. Library Credit argued that their token, lbc, was not a security, but rather a digital currency.
That was last November, the case was won by the library's dry and credit quoted the decision then as a "dangerous precedent" that might make all cryptocurrencies to be terms as transferable securities.
Library Credit went ahead and filed an appeal, which was heard on Monday (January 30, 2023) with a focus on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve. Should the injunction be granted, it would prevent the sale of AML chips.
John Deaton, a lawyer who has already raised questions in the XRP case, presented himself as amicus curie in the LBC case. He insisted that the Court state who would be the target of the injunction sought by the Sec.
A victory for the crypto business.
The new ruling comes as a reprieve for the crypto industry which has faced many similar cases with Ripple versus the US SEC being one of the most followed.
After the turn of events, the XRP community expects a similar result in its own case versus the second.
