Latest news on XRP Crypto and Judge ruling on secondary crypto sales as securities.
Bad news for Ripple? LBRY judge passes ruling on if secondary crypto sales are securities

Ripple XRP Crypto: Judge Refuses to Rule on LBRY Credits

Ripple XRP crypto may have to hold its breath a bit longer after a United States District Judge refused to make a decision on whether the secondary sale of LBRY Credits (LBC) constitutes a security.

On July 11, New Hampshire District Court Judge Paul Barbadoro gave his ruling in the case the United States Securities and Exchange Commission (SEC) brought against the decentralized content platform LBRY.

The ruling may be of legal significance to fellow District Court Judge Analisa Torres, who is set to rule on the SEC’s case against Ripple in the coming months.

In his ruling, Judge Barbadoro said:

XRP Crypto: Judge Barbadoro Reverses Opinion

The primary market involves trading directly from the company issuing the security, while the secondary market is where traders buy and sell securities.

John Deaton, a U.S. lawyer representing thousands of XRP (XRP) token holders, recently contacted Judge Barbadoro to seek clarity on if LBC constituted a security. On July 11, Deaton tweeted that Judge Barabadoro ultimately decided to uphold his “judicial restraint.”

This is an about-turn from what Judge Barbadoro concluded in a January appeal hearing, when Deaton argued that the secondary sale of LBC does not constitute a securities offering.

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SEC Fines LBRY for Security Violations

The New Hampshire Judge clarified in the appeal hearing that LBC is only considered a security when the sale is made directly. This was confirmed by the SEC, who admitted that secondary market LBC sales don’t constitute a security.

The SEC won a summary judgment in November 2022, but elected to settle for a reduced fine of $111,000, citing LBRY’s “lack of funds and near-defunct status.” This was a revision from the original figure of $22 million that the SEC had asked the court to impose at the appeal hearing on Jan. 30.

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Jeremy Hogan, a Ripple advocate and U.S.-based Attorney, informed Cointelegraph that District Court Judge Analisa Torres will likely make her ruling within the next couple of months. However, he added that this won’t really have any effect on the typical XRP holder.

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