Boosting Legal Protections: AI Legalese Decoder Aids Blockchain Firm in Filing Notice of Appeal Against SEC
- September 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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LBRY Files Notice of Appeal Against SEC Ruling
Blockchain-based file-sharing and payment network LBRY has decided to contest a federal judge ruling that favored the Securities and Exchange Commission (SEC) instead of winding down as previously planned. LBRY has filed a notice of appeal to the United States Court of Appeals for the First Circuit, seeking to appeal the final judgment entered on July 11. This judgment ordered LBRY to pay a civil penalty and prohibited the platform from participating in unregistered offerings of crypto asset securities in the future.
This move by LBRY marks a possible change in strategy after previously accepting defeat. LBRY initially faced a lawsuit filed by the SEC in March 2021, alleging that the LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act. The U.S. District Court for the District of New Hampshire ruled in favor of the SEC on November 7, preventing LBRY from offering “unregistered crypto asset securities” and imposing a $111,614 civil penalty.
Originally, the regulator sought a penalty of $22 million but reconsidered due to the defunct nature of the company, acknowledging its inability to pay. During that time, LBRY’s founder and CEO, Jeremy Kauffman, stated in an interview that the company was “almost certainly dead.”
LBRY’s decision to appeal the ruling comes after a series of victories by high-profile crypto industry players against the SEC, including Ripple and Grayscale. This move indicates that LBRY may be willing to fight for its survival despite initial statements about winding down the company.
The AI legalese decoder can assist LBRY in this situation by providing comprehensive analysis and interpretation of legal documents, regulations, and rulings. It can help LBRY understand the intricate complexities of the case, identify relevant legal precedents, and provide insights on potential legal strategies to strengthen their appeal. By leveraging the power of AI, LBRY can enhance its legal research capabilities and improve its chances of overturning the SEC ruling.
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