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#NickMorgan, on behalf of #ICAN, and myself, on behalf of @naomibrockwell filed motions for leave to file amicus briefs in support of @LBRYcom’s Motion to Limit the @SECGov’s Remedies.
Among other things, the SEC is seeking a permanent injunction, regarding the sale of #LBCs.
Among other things, the SEC is seeking a permanent injunction, regarding the sale of #LBCs.
LBRY’s CEO, @jeremykauffman, agreed to dissolve LBRY and burn all existing pre-mined #LBC. With no #LBRY and no #LBC, he informed the Judge👨⚖️ that clearly it can’t be argued that secondary market #LBC holders and users are relying on LBRY’s efforts moving forward.
The Judge 👨⚖️ held a status conference on Nov. 21. I’ve read the notes 📝 from that conference and when the transcript is published, people will learn that @jeremykauffman spoke up directly to the Judge informing him that #LBC users deserve clarity regarding his decision.
A SYNOPSIS OF THE @SECGov 🆚 @LBRYcom SUMMARY JUDGMENT TRANSCRIPT.
As I said during @CryptoLawUS’s livestream after watching the SEC 🆚 LBRY Summary Judgment argument below is my single biggest criticism and observation along with direct quotes from the hearing.
As I said during @CryptoLawUS’s livestream after watching the SEC 🆚 LBRY Summary Judgment argument below is my single biggest criticism and observation along with direct quotes from the hearing.
The Judge 👨⚖️ asked the SEC’s lawyer:
“Do you concede that there is what I think LBRY is calling a consumptive use for #LBC?”
SEC Lawyer:
“We do, your honor. Not for the entire time of the offering.”
“Do you concede that there is what I think LBRY is calling a consumptive use for #LBC?”
SEC Lawyer:
“We do, your honor. Not for the entire time of the offering.”
The COURT:
“When does something that has a consumptive use and that LBRY would say is a commodity shade into a security?”
SEC Lawyer:
“Well, your Honor, I first would say you don’t start with the presumption that something is a commodity. You apply the Howey test first.”
“When does something that has a consumptive use and that LBRY would say is a commodity shade into a security?”
SEC Lawyer:
“Well, your Honor, I first would say you don’t start with the presumption that something is a commodity. You apply the Howey test first.”
