The United States Securities and Exchange Commission (SEC) settled on the security claim in the Library Credit (LBC) case, acknowledging that the sale of LBC tokens in the secondary market does not constitute a security. The settlement came during an appeal hearing on January 30th. Many are now wondering if this will happen with XRP as well, as the SEC has been investigating similar claims against the cryptocurrency. Some see this as a positive sign for XRP and expect the SEC to back down from their claims against the cryptocurrency in the future.
The SEC’s Settlement in Library case
So if you guys haven’t seen, the SEC has just settled on the security claim in the library case, and if you didn’t know, the SEC were coming out of the library for very much similar things as they came off the xrp for, and yeah they finally settled which means a lot of people are thinking is this going to happen with xrp too.
SEC Admitted Sale of Library Credits Does Not Constitute a Security
The United States Securities and Exchange Commission known as the SEC admitted on record that the sale of Library credits or LBC tokens in the secondary market does not constitute a security. The settlement came during an appeal hearing in the library versus SEC case on January the 30th, so literally just a couple of days ago.
Positive News for XRP?
That is incredible news to see that the SEC has kind of backed down a little bit off these projects, and I do think it’s only a matter of time before we see xrp go down the same routes.
It’s important to follow legal proceedings like this, as it can have a major impact on the cryptocurrency market. As technology continues to advance, it will be more and more interesting to observe how governments and regulatory bodies respond to them.