JAKARTA LBC is an original LBRY token that has recently experienced a significant increase. Unmitigated, LBC skyrocketed to more than 200 percent. This parabolic increase came after LBRY won a lawsuit against the US Securities and Exchange Commission (SEC).
Previously, LBRY, which is a file-sharing protocol and payment, suffered defeat in his feud with the SEC in November last year. At that time, a federal judge ruled that LBRY had violated securities laws when selling LBCs.
LBRY's feud with the SEC has caught the attention of Ripple and XRP supporters as their own communities continue to face similar battles with regulators, which accuses Ripple Labs of publishing XRP as unregistered securities by the end of 2020.
After winning the lawsuit, the SEC hopes to get clarity from the judge that LBC is eligible as an unregistered securities either during the direct sale of LBRY tokens, or secondary sales. However, the judge reportedly issued a ruling stating that LBRY does not apply to secondary market sales, implying that LBC is not a security.
According to a DailyHodl report, John Deaton, who represents XRP holder in Ripple's lawsuit as an amicuscuree (trial friend) also spoke in court on behalf of LBRY. Deaton said in a recent video update that the judge clearly stated that his ruling did not apply to secondary market sales.
At the time of writing, LBC rose more than 140 percent in the last three days, and at one point it rose more than 219 percent as it skyrocketed from a low of 0.0103 dollars to 0.0329 US dollars. Currently, its market capitalization is in the range of 17.8 million dollars and is still 98 percent below its all-time high.
Crypto law expert Jeremy Hogan, known for following Ripple's lawsuit, asked what the LBC decision means and the next price rally for XRP, considering Ripple is a much larger and more profitable company.
"Below is the weekly graph of LBC (up 100%) and LBRY is completely out of action in the SEC lawsuit and is going bankrupt. What does this mean compared to XRP? Ask a friend," Hogan wrote in a Twitter post accompanied by a smile emoji.
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