July 21, 2024
Renowned lawyer John Deaton extends his legal advocacy to the LBRY case
Latest Cryptocurrency News

Prominent Crypto Advocate John Deaton Joins LBRY Legal Battle as Amicus Curiae

Lawyer John Deaton, known for representing various token holders in the Ripple-SEC lawsuit, has officially filed his notice of appearance as an Amicus Curiae in the LBRY case. In a document submitted on September 14, 2023, to the United States Court of Appeals for the First Circuit, Deaton formally presented his Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell.

In relation to his submission, Deaton expressed in a post on X (formerly Twitter), “Win, lose, or draw, we will be in the fight!”

It is noteworthy that Naomi Brockwell serves as the founder of Crypto Law, a platform dedicated to providing insights and updates on legal and regulatory developments in the United States concerning cryptocurrencies, in collaboration with Deaton.

Deaton is recognized for his advocacy on behalf of cryptocurrency investors’ rights and his active involvement in legal proceedings and discussions concerning cryptocurrency regulations and legal actions. Back in March 2021, the U.S. SEC initiated legal action against LBRY, alleging that the company had unlawfully sold LBC tokens without registering with the agency, as mandated by the law.

On September 7, LBRY filed a notice of appeal with the United States Court of Appeals for the First Circuit, aiming to contest the final judgment issued on July 11. This judgment ordered LBRY to pay a civil penalty and prohibited its involvement in unregistered offerings of crypto asset securities in the future.

In July 2023, the United States District Court for the District of New Hampshire delivered the final judgment in the US SEC vs. LBRY lawsuit. The ruling established LBRY’s liability for violating Section 5 of the Securities Act of 1933. The outcome of the LBRY case was perceived as having potential implications for the XRP lawsuit. However, on July 14, 2023, U.S. District Judge Analisa Torres issued a summary judgment in favor of Ripple, determining that the sale of XRP tokens to retail buyers did not qualify as securities.

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