John Deaton and Bill Gannon’s amicus brief argued that LBRY tokens held by retail investors should not be recognized as securities
Attorneys Bill Gannon and John Deaton have asked the court to file an amicus brief on behalf of tech journalist and TV producer Naomi Brockwell.
In April, Brockwell supplied a declaration in support of a motion for summary judgement that was filed by blockchain firm LBRY.
In the aforementioned declaration, Brockwell highlighted business and overall interests in the case.
The tech reporter claimed that she earned the LBC token, the native cryptocurrency of the blockchain platform, through user tips, purchases by viewers and user rewards. She claimed that she never cashed out any of her LBC tokens. Brockwell continues to hold her LBC tokens.
The proposed amicus brief argues that the SEC either disagrees or “prefers” regulatory uncertainty when it comes to secondary market transactions. Furthermore, it says that the court urged the agency to work with LBRY to provide clarity to secondary LBC holders. Still, the parties are yet to reach a resolution.
The attorneys argue that Brockwell “represents a unique perspective not represented by the parties in this case.” This is why the tech journalist believes her amicus curiae brief can be useful for the court.
As reported by U.Today, LBRY, a Ripple ally, failed to come to an agreement with the U.S. Securities and Exchange Commission (SEC) with regard to the remedies the regulator is seeking.
In early November, LBRY lost its case against the SEC, which might also be a bad omen for crypto.
Source: https://u.today/xrp-supporter-john-deaton-jumps-into-sec-v-lbry-case