LBRY, the blockchain-based file-sharing and payment network, has garnered widespread support as it prepares to appeal a federal judge’s ruling favoring the United States Securities and Exchange Commission (SEC) in the regulator’s lawsuit against LBRY in July.
Bill Morgan, a well-known crypto lawyer, has expressed his unwavering support for LBRY, urging the platform not to give up. He reassured LBRY that the crypto community, particularly LBC token holders, stands firmly by their side. Morgan emphasized his belief that the initial judgment was unjust. LBRY has also received backing from John E Deaton and his crypto firm, Crypto Law.
Until now, LBRY has been grappling with the aftermath of the federal judge’s ruling in July, which favored the SEC. The ruling mandated that LBRY pay a substantial civil penalty and barred it from participating in unregistered offerings of crypto asset securities in the future, marking a pivotal moment in LBRY’s history.
However, LBRY has chosen to file a notice of appeal with the United States Court of Appeals for the First Circuit, signaling its intent to challenge the final judgment issued on July 11. LBRY, Inc. formally filed its notice of appeal with the United States Court of Appeals for the First Circuit on September 7.
The appeal document explicitly states, “Defendant LBRY, Inc. now appeals to the United States Court of Appeals for the First Circuit this Court’s final judgment entered on July 11, 2023.”
This decision to appeal marks a significant strategic shift for LBRY, coming at a time when the crypto industry has witnessed several high-profile victories against the SEC, notably in the cases of Ripple and Grayscale.
LBRY’s determination to contest the ruling highlights the broader industry’s ongoing struggle for regulatory clarity and fair treatment within the evolving crypto landscape.