The lawyer’s tweet heralds an interesting update on the Commission’s remedial action

In connection with a recent development in the LBRY case, attorney James K. Filan announced an interesting update on Twitter yesterday. To stoke anticipation in Ripple’s XRP community, LBRY has submitted its supplemental letter in support of its motion to limit Commission remedial action.

Jeremy Hogan: Drawing parallels with the Ripple case

Notably, XRP advocate Jeremy Hogan weighed in on the matter, also sharing his findings via Twitter. Hogan explained LBRY’s motion and indicated that they are seeking clarification from the court as to the impact of the ruling on LBRY’s secondary sales.

He also emphasized the importance of this ruling and drew parallels to the ongoing Ripple case at the SEC. Hogan emphasized the SEC’s request for a full and vague injunction in Ripple’s case, while Ripple itself is asking for clarity from the presiding judge.

In response to Hogan’s comment, a community member expressed curiosity about the complexity of the application and whether external input affected LBRY’s defense strategy.

Hogan responded, explaining that the main question asked by LBRY seemed unexpected. He acknowledged that it was atypical to ask such a question for the first time at this time.

Another community member who challenged Hogan’s view argued that the court lacked authority to make the decision LBRY sought. This member believed that the judge had already dealt with this matter in a previous judgment and considered it highly unlikely that the judge would change his mind.

Hogan responded by clarifying that judges can rule on issues not specifically addressed in the briefs, citing the legal principle sua sponte. He stressed that such decisions are common but should be approached with caution.

The XRP community expressed mixed opinions on the implications of LBRY’s application. Some wondered if this development would delay or speed up the judge’s decision on XRP.

There was also debate over the judge’s earlier statement that second sales would not be classified as securities. Some people were confused, wondering if they were confusing multiple cases or if the judge actually made such a remark.

There has also been speculation about the timing of the decisions in the XRP and LBRY cases. Some assumed that the XRP verdict would be announced before the LBRY verdict.

However, as anticipation builds, market participants and XRP enthusiasts are eagerly awaiting further updates on both the LBRY and Ripple cases.

The outcome of these litigations will no doubt have a significant impact on the respective projects and the broader cryptocurrency landscape.

Related Reading | Liquidity Crisis: Tether CTO Warns of Market Challenges and a Possible Pathway to Cure