As became known yesterday, the U.S. Securities and Exchange Commission officially recognized that the sale of LBRY Credits (LBC) tokens on the secondary market was not a case of selling unregistered securities. Amid the positive news, the LBC price surged more than 80% and at one point was up more than 280%.
Tomiwabold OlajideNow, pro-XRP activists and legal experts are using yesterday's LBC price hike as an example of what would happen to the price of XRP if the outcome of its fight turns out to be positive for the crypto sphere. A similar assumption was made by digital asset enthusiast and lawyer Bill Morgan.
Shows what could happen to XRP if the case has a good outcome https://t.co/uA63GMgxW4
— bill morgan (@Belisarius2020) January 31, 2023Advertisement
Ripple, LBRY and SEC
The case of LBRY and its tokens is much like the litigation between Ripple and the SEC over XRP, where one of the charges is the sale of unregistered securities. When LBRY lost its trial with the commission earlier in 2022, many wrote that it was a serious blow to Ripple's position.
Gamza KhanzadaevThe case between Ripple and the SEC has now entered its third round, but it seems that the chances of ending this fight have never been as high as in 2023. The same hope is reflected by the crypto company in its latest quarterly report.
At this point, the parties are inclined to conclude the debate either through settlement or summary judgment.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team