In a recent development surrounding the LBRY case, lawyer James K. Filan took to Twitter yesterday to announce an intriguing update. Stirring up anticipation within Ripple’s XRP community, LBRY has filed its Supplemental Brief in Support of Its Motion to Limit the Commission’s Remedies.
Jeremy Hogan: Drawing Parallels To The Ripple Case
Notably, XRP Attorney Jeremy Hogan chimed in on the matter, sharing his insights via Twitter as well. Hogan shed light on LBRY’s motion, suggesting that they are seeking clarification from the court regarding the impact of the judgment on the secondary sales of LBRY.
He further emphasized the significance of this ruling, drawing parallels to the ongoing Ripple case with the SEC. Hogan highlighted the SEC’s request for a broad and vague injunction in the Ripple case, while Ripple itself seeks clarity from the presiding judge.
In response to Hogan’s comment, one community member expressed curiosity about the motion’s intricacy and whether external input influenced LBRY’s defense strategy.
Hogan replied, stating that the primary question posed by LBRY seemingly emerged unexpectedly. He acknowledged that raising such a query for the first time at this stage is atypical.
Another community member, challenging Hogan’s view, contended that the court lacks the authority to make the ruling sought by LBRY. This member believed that the judge had already addressed this matter in a previous ruling and deemed it highly unlikely for the judge to change their opinion.
Hogan responded by clarifying that judges can rule on issues not explicitly raised in the pleadings, citing the legal principle of “sua sponte.” He highlighted that such rulings occur frequently but should be approached cautiously.
The XRP community expressed various opinions regarding the implications of LBRY’s motion. Some pondered whether this development would delay or expedite the judge’s ruling on XRP.
There were also debates surrounding the judge’s previous statement regarding secondary sales not being classified as securities. Confusion arose among some individuals, questioning whether they were confusing multiple cases or if the judge had indeed made such a remark.
Speculation also arose regarding the timing of the decisions in the XRP and LBRY cases. Some anticipated that the XRP ruling would be unveiled before the LBRY ruling.
However, as the anticipation builds, market participants and XRP enthusiasts are eagerly awaiting further updates on both the LBRY and Ripple cases.
The outcome of these legal battles will undoubtedly have significant implications for the respective projects and the broader cryptocurrency landscape.
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