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Community responds to SEC's dismissal of XRP case and LBRY shutdown

Community responds to SEC’s dismissal of XRP case and LBRY shutdown

While Ripple celebrates a legal win against the SEC, the community mourns the closure of LBRY.

– Ripple has achieved a significant legal victory in its battle against the SEC, with all claims against CEO Brad Garlinghouse and executive chair Chris Larsen being dismissed.

– However, LBRY, a blockchain file-sharing and payment network, announced the termination of its operations on the same day, citing debts owed to the SEC and others.

– LBRY had been sued by the SEC for securities law violations, similar to Ripple’s case.

– Some community members expressed concern about the damage the SEC has done to the crypto industry and hoped for a revival of LBRY as an alternative to platforms like YouTube.

– Commenters noted that Ripple’s financial resources allowed them to fight the SEC, while LBRY lacked the same capital.

– Pro-XRP lawyer John Deaton criticized the SEC for targeting a small company like LBRY and called the agency “broken” and “inept.”

– Despite this win, Ripple’s legal battle with the SEC is not over, as further litigation is expected regarding the appropriate penalty for Ripple’s institutional sales of XRP.

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