XRP news: LBRY joins Ripple supporters to list remittance token on Coinbase

  • LBRY Inc. voices support for XRPLedger’s native token XRP and calls for the altcoin’s relisting on Coinbase. 
  • XRP proponent Attorney John Deaton believes Judge Torres will deny the SEC’s summary judgment notion in Ripple’s case – regulator has overreached. 
  • Deaton argues that the LBRY Inc. hearing was important for all crypto holders as it addresses SEC’s limitations and supports Ripple’s case. 

LBRY Inc. reaffirmed its support for XRP and called for a re-listing of the token on Coinbase. The SEC recently settled its lawsuit against LBRY Inc. and the presiding District Judge concluded that LBC tokens sold in the secondary market are not securities. 

Attorney John Deaton stated that in the LBRY Inc ruling, the Judge gave an example on record, stating that LBRY Inc’s sale of LBC to Flipside Crypto constituted an offer and a sale of an unregistered security. This does not apply to any of the subsequent LBC sales. 

Deaton draws parallels between the US Securities and Exchange Commission’s (SEC) lawsuit against LBRY Inc. and cross-border remittance firm Ripple. 

Also read: Classic Remake: Terra proposes recoupling LUNC and UST months after collapse

XRP gathers support from LBRY Inc. and XRP Army

The US SEC filed a lawsuit against cross-border payment giant Ripple in 2020. The news of the lawsuit was followed by a series of delisting announcements by cryptocurrency exchanges like Coinbase, leaving XRP holders with a handful of markets to trade the token. 

The news of SEC’s settlement of its lawsuit against LBRY Inc. has filled XRP holders with hope for a positive outcome in the SEC v. Ripple lawsuit. After dragging on for two long years, both parties are awaiting an outcome. 

John Deaton, an XRP proponent, and the attorney who founded CryptoLaw media, has supported the Ripple community since the beginning of the legal battle. Deaton was present in court as “amicus” during the LBRY Inc. ruling. The judge’s statements on record made it clear that LBC token is not a security. The secondary-market sales of LBC token do not constitute a violation of the securities law. 

Deaton argues that the same premise applies to XRP. While payment giant Ripple sold XRP to several investors, those transactions may or may not be investment contracts or the sales of unregistered securities. XRP token in itself, is code, it is a digital asset. 

XRP is “not a security” similar to LBC, and neither are the token’s secondary-market sales. 

LBRY Inc. and the XRP Army are therefore asking for the altcoin’s re-listing on Coinbase, one of the largest cryptocurrency exchange platforms. 

John Deaton criticizes the SEC’s overreach

Deaton argues that the US financial regulator, SEC has overreached in its case against Ripple. The friend of court clarifies the fact that the regulator is attempting to expand its jurisdictional reach to secondary market transactions. 

SEC's embodiment theory first articulated in Ripple's case

SEC’s embodiment theory first articulated in Ripple’s case

As in the case of Ripple, the SEC’s embodiment theory called secondary-market sales an investment contract. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Crypto Today: Bitcoin, Ethereum and XRP what to expect as SEC executive says Howey test applies to cryptos

Bitcoin trades above $62,500 on Monday, sustains above key support as head of US SEC enforcement division says Howey test applies to cryptos. Ethereum and XRP trade above key support, extending gains by nearly 3% on the day. 

More Cryptocurrencies News

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple whales buy hundreds of millions of XRP tokens as the altcoin rallies

Ripple (XRP) noted the highest weekly gains in 2024 over the weekend as XRP holders celebrated the one-year anniversary of Judge Torres’ ruling in the SEC vs. Ripple lawsuit. XRP rallied to a peak of $0.5661 on Saturday, July 13. 

More Ripple News

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin surges past $60,000 as ETFs report $1.04 billion inflows last week

Bitcoin breached above the descending trendline on Sunday and trades 3.5% up at $62,924 at the time of writing on Monday. On-chain data indicates a decrease in miners' selling activity, complemented by US spot Bitcoin ETFs recording $1.047 billion in inflows last week. 

More Bitcoin News

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price surges following partnership with NOWPayments

JasmyCoin price breaks above a descending channel, signaling a break in market structure from bearish to bullish. NOWPayments announces its partnership with JASMY in Japan. JASMY featured in a Forbes article for coins outperformed Bitcoin in the first half of 2024.

More Cryptocurrencies News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.

Read full analysis