Bad news for Ripple? LBRY judge passes ruling on if secondary crypto sales are securities
In January, lawyer John Deaton persuaded the Judge in the SEC vs LBRY case that secondary LBC token sales don’t constitute a securities offering. Ripple may be holding its breath a bit longer after a United States District Judge refused to rule on if the secondary sale of LBRY Credits (LBC) constitutes a security. On July 11, New Hampshire District Court Judge Paul Barbadoro made the ruling in the case the United States Securities and Exchange Commission (SEC) brought against the decentralized content platform LBRY. The ruling may have offered legal precedent to fellow District Court Judge Analisa Torres, who is set to make a decision on the SEC’s case against Ripple in the coming months. In his ruling, Judge Barbadoro said: “Accordingly, I take no position on whether the registration requirement applies to secondary market offerings of LBC.” A secondary market is where traders buy and sell securities, while a primary market involves trading from the company issuing the security direc...