James K. Filan shares an update on the LBRY vs. SEC case. He shares the document containing the transcript of Feb. 6, 2023, a status conference.
LBRY lost in summary judgment to the SEC, as the judge ruled that initial sales of LBC tokens constituted a securities offering. Thus, additional discovery was sought before the judge could issue a final order, which prompted the status conference held on Feb. 6 this year.
A part of the transcript highlights the judge's position on the lack of clarity provided to crypto investors and the SEC's refusal to provide such clarity.
A statement in the transcript reads, "I've been concerned about those people and their lack of clarity about what they can do with what they purchased. And it had been my hope that the SEC could give those investors some clarity because they're the people you're supposed to be protecting."
The judge added, "You have elected not to do that in this case. I've urged you to try to provide some clarity."
Judge Barbadoro went ahead to convey his frustration regarding this, saying he cannot force the SEC to do this, nor can he provide such clarity.
Judge Barbadoro stated his position very well here. He cannot force the SEC to provide clarity and he himself cannot provide clarity since it is outside of his scope to address the issue pic.twitter.com/Uyl4hRjOHm— Sherrie 🌸 (@CherryEmpress21) June 22, 2023
A Twitter user named "Sherrie" commented along these lines, sharing a screenshot: "Judge Barbadoro stated his position very well here. He cannot force the SEC to provide clarity, and he himself cannot provide clarity since it is outside of his scope to address the issue."
In bringing up the Ripple and LBRY cases in his discussion, lawyer and XRP enthusiast Bill Morgan posits the question of whether the SEC has evidence from even a single actual holder of XRP that bought it expecting a profit from Ripple's efforts.
Ripple’s so-called representations about XRP, for 99.9% of XRP holders, is like someone pissing in the wind with nobody around, but let’s apply a hypothetical ‘reasonable investor test’ in the face of any actual evidence and the SEC and the court can pretend otherwise https://t.co/QnYwjt00Qg— bill morgan (@Belisarius2020) June 23, 2023
He says: "Ripple's so-called representations about XRP, for 99.9% of XRP holders, are like someone pissing in the wind with nobody around, but let's apply a hypothetical 'reasonable investor test' in the face of any actual evidence, and the SEC and the court can pretend otherwise."
He says that the SEC and the court ignored the facts and pretended otherwise in the Ripple and LBRY cases.