Fun

News Feed - 2023-10-20 07:10:35

Helen Partz13 hours agoCommunity reacts to SEC dropping XRP case and LBRY shutdownWhile celebrating a new court win in Ripple’s legal battle with the SEC, the community mourns the demise of LBRY, which some say was “regulated to oblivion.”7736 Total views12 Total sharesListen to article 0:00NewsJoin us on social networksRipple’s latest win in its legal battle against United States securities regulators has been marred by news of the blockchain platform LBRY shutting down operations, which triggered the community to react.


The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020.


On the same day, LBRY, a major blockchain file-sharing and payment network, announced the termination of its operations, citing “several million dollars” in debts owed to the SEC, its legal team and a private debtor. LBRY’s creators are known for building Odysee, an open-source video-sharing website that uses the network, aiming to bring a decentralized alternative to major video platforms like YouTube.


The SEC filed a lawsuit against LBRY in March 2021, accusing the firm of similar securities law violations to those it brought against Ripple. Even after the SEC downgraded the $22 million penalty against LBRY to around $111,000, the firm eventually decided not to continue its appeal against the SEC.


“Whilst we celebrate another massive win for Ripple, let’s not forget the damage the SEC has already done to crypto,” prominent XRP (XRP) influencer Ashley Prosper wrote on X (formerly Twitter) on Oct. 19. The crypto enthusiast expressed hope that the LBRY app and its eponymous native token would rise again due to the “rampant censorship on X and the ever-present censorship on YouTube.”#XRP #XRPCommunity

Whilst we celebrate another massive win for Ripple, let"s not forget the damage the SEC has already done to crypto. @LBRYcom has decided not to continue its appeal against the SEC and shut its doors for good today. However, with the rampant censorship on X and… https://t.co/66tOS8L7Z7 pic.twitter.com/6hr3GL6qpi— Ashley PROSPER (@AshleyPROSPER1) October 20, 2023


“As we celebrate today’s XRP ruling, a less successful outcome by a blockchain sued by the SEC went under the radar,” blockchain enthusiast Slorg noted in a thread on X. The poster said it is unfortunate that what was “once a successful Web3 startup with actual user adoption” is now defunct and non-existent. “Regulated into oblivion,” Slorg wrote.As we celebrate today"s XRP ruling, a less successful outcome by a blockchain sued by the SEC went under the radar.

Today LBRY Inc shut down:

1⃣ Background

LBRY set out to become a decentralized, open-sourced digital content platform.

In 2016 they released a token that would… pic.twitter.com/MVgPQbdXxQ— Slorg (@SlorgoftheSlugs) October 20, 2023


Some social media commenters pointed out a significant difference between Ripple and LBRY in terms of their capital. XRP is the fifth-largest cryptocurrency by market capitalization, valued at $27 billion, while the LBRY credits’ market cap amounts to just about $5.5 million at the time of writing, according to data from CoinMarketCap.


“Ripple would have been LBRY if they didn’t have the funds to fight the SEC,” one X commenter wrote, arguing that the cases’ outcomes make a stark illustration of the way “rich establishments can use the courts to their advantage until they have to battle the big whales.”


According to pro-XRP lawyer John Deaton, the LBRY case highlights the consequences of the industry overreach by the SEC. Deaton criticized the SEC for picking on a small American company, which wasn’t proven to have committed fraud but failed to prevent major failures like FTX.


“After millions of dollars were wasted, the SEC got a $130K fine. This case alone proves the SEC is a broken, failed and inept agency,” Deaton stated.


Despite Ripple executives scoring a major legal win, its litigation with the SEC is far from being over, according to some industry observers.


Related:Crypto Twitter Hall of Flame: Pro-XRP lawyer John Deaton ‘10x more into BTC, 4x more into ETH


“Expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of institutional sales,” Fox News journalist Eleanor Terrett said on X, citing lawyers focused on the XRP case. According to Terrett’s sources, Ripple should expect a big fight as the SEC will still want a substantial amount for bragging rights.SO, what are next steps in the @Ripple case?

Now that the @SECGov has dropped the charges against @bgarlinghouse and @chrislarsensf, expect to see some more litigation in the penalty phase between the two parties in regards to the appropriate penalty for Ripple‘s $700M+ of… https://t.co/4jJAzKtTjp— Eleanor Terrett (@EleanorTerrett) October 19, 2023


In the Oct. 19 filing, the SEC mentioned that the SEC and Ripple would confer with respect to its Section 5 violations regarding its institutional sales of XRP. The regulator requested to propose a schedule for further litigation until Nov. 9, 2023.


Magazine:Crypto Twitter Hall of Flame: Pro-XRP lawyer John Deaton ‘10x more into BTC, 4x more into ETH# Altcoin# Ripple# SEC# XRP# LBRY# RegulationAdd reactionAdd reactionRead moreEurope"s AML regulations come at a high cost — for your privacy and otherwiseCentral banks want to look under crypto’s hood — Is this a positive sign?Why is XRP price up today?

News Feed

Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud
Silk Road Hacker Sentenced to a Year in Prison for Wire Fraud On April 14, 2023, the Department of Justice (DOJ) for the Southern District of New York revealed that the hacker resp
Bitcoin Sell-Side Risk Ratio Just Dropped Under This Critical Level — What Next For BTC Price?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum price clings 'crucial area,' drop below $2.8K looming
Ciaran Lyons7 hours agoEthereum price clings "crucial area," drop below $2.8K loomingCryptocurrency traders argue that Ether’s next move is crucial not just for Ether itself, but for Bitcoin as well.3082 Total views10
Arijit Sarkar13 hours agoSwiss wholesale CBDC pilot kicks off in alliance with central, commercial banksThe Swiss wCBDC pilot project will be hosted on SDX and use the infrastructure of Swiss Interbank Clearing.4515 Tota
XRP Reacts Powerfully After Precise Touch Of The $2.07 Fib Zone
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process
Chinese Central Bank Governor: User Privacy and Financial Security Key Principles Guiding CBDC Design Process According to Yi Gang, governor of China’s central bank, the proc
‘Disable iMessages’ ASAP to avoid crypto zero-day exploit: Trust Wallet
Brayden Lindrea8 hours ago‘Disable iMessages’ ASAP to avoid crypto zero-day exploit: Trust WalletThe firm’s CEO, Eowyn Chen, shared a screenshot of the supposed “high-risk” exploit being sold on the dark web fo
Tristan Greene7 hours agoUS Copyright Office issues notice of inquiry on artificial intelligenceThe inquiry seeks information and comments on issues related to the content AI produces and how policymakers should treat AI
Institutions not so interested in Bitcoin at $58K, metric shows
Ciaran Lyons2 hours agoInstitutions not so interested in Bitcoin at $58K, metric shows10x Research’s Markus Thielen says one stablecoin metric is key to indicating institutional interest in Bitcoin, but it’s not flas
Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits
Bitcoin"s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits While bitcoin prices have been lower than the estimated cost of bitcoin production, the network
University of Wyoming launches Bitcoin Research Institute
Brayden Lindrea7 hours agoUniversity of Wyoming launches Bitcoin Research InstituteThe Bitcoin Research Institute will open in August as part of the University of Wyoming’s College of Arts and Sciences.2615 Total views
Key Ethereum price metric targets $5.4K ETH in 2024
Zoltan Vardai5 hours agoKey Ethereum price metric targets $5.4K ETH in 2024On-chain data and several crypto analysts suggest that Ethereum price could target the $5,400 level at some point in 2024.1548 Total views3 Total