John Deaton, a prominent lawyer known for representing numerous XRP token holders in the ongoing Ripple-SEC lawsuit, has made a significant move by officially becoming an Amicus Curiae in the LBRY legal battle. This development underscores his active engagement in cryptocurrency-related legal actions and regulations. In a document filed on September 14, 2023, with the United States Court of Appeals for the First Circuit, Deaton submitted his Notice of Appearance on behalf of Amicus Curiae Naomi Brockwell. This move holds potential implications for the LBRY lawsuit and the broader crypto legal landscape.
Deaton’s Commitment to Crypto Rights
John Deaton’s involvement in the LBRY case demonstrates his unwavering commitment to the rights of cryptocurrency investors and his dedication to participating in significant legal proceedings related to cryptocurrencies. Notably, Naomi Brockwell, the founder of Crypto Law, collaborates with Deaton on this endeavor. Crypto Law is a platform dedicated to providing valuable insights and updates regarding legal and regulatory developments in the United States within the cryptocurrency space.
LBRY Lawsuit and Ripple’s XRP Case
The LBRY lawsuit, initiated by the United States SEC in March 2021, alleged that LBRY unlawfully sold LBC tokens without proper registration with the agency, a requirement mandated by law. LBRY’s appeal, filed on September 7, 2023, challenges the final judgment from July 11, which imposed a civil penalty on LBRY and prohibited the company from participating in unregistered offerings of crypto asset securities.
In July 2023, the United States District Court for the District of New Hampshire delivered a verdict in the US SEC vs. LBRY case, holding LBRY responsible for violating Section 5 of the Securities Act of 1933. This case had raised questions about its potential impact on the ongoing 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 constitute securities.
John Deaton’s entry into the LBRY lawsuit as an Amicus Curiae signals a continued dedication to advocating for the rights of cryptocurrency investors and active involvement in cryptocurrency-related legal actions. This development adds an intriguing layer to the LBRY lawsuit, which has the potential to impact broader regulatory discussions within the crypto space. As the legal landscape surrounding cryptocurrencies evolves, figures like Deaton play a crucial role in ensuring that the rights and interests of the crypto community are protected and upheld.