The second ruling in the LBRY Credits (LBC) lawsuit from the New Hampshire district court Judge further portrays that XRP and other altcoins are not securities as contended by the United States Securities and Exchange Commission (SEC).
To clarify the first verdict issued last November, the United States District Court of New Hampshire recently ruled that the sale of LBC tokens on secondary marketplaces — centralized and decentralized cryptocurrency exchanges — does not constitute a security. Also, the presiding Judge did not issue an injunction to prohibit the sales of LBRY Credits (LBC) as requested by the Gary Gensler-led SEC.
Following this latest development, which greatly excited the crypto community and particularly sparked hope in the XRP camp, the digital content hosting blockchain LBRY called on Coinbase to relist XRP. In stating why the largest US-based centralized crypto trading platform and exchanges should consider relisting XRP, LBRY cited that the outcome of the LBC lawsuit has created a precedent.
In a tweet shared a couple of hours ago, LBRY said, “Coinbase should relist XRP. Under the SEC vs LBRY standard, XRP sold by secondary holders is not a security.”
Coinbase should relist $XRP.
Under the SEC vs LBRY standard, $XRP sold by secondary holders is not a security.
— LBRY 🚀 (@LBRYcom) February 1, 2023
Notably, Coinbase and other US-based exchanges delisted XRP after the SEC filed a lawsuit against the San Francisco–headquartered crypto solutions company, Ripple, in December 2020, for the alleged sale of XRP as an unregistered security.
As the Ripple-SEC expects a conclusion by mid-2023 and seems to be going in favor of the cross-border payment firm, XRP holders have been calling out on exchanges to relist the 6th-largest crypto asset by market capitalization.
While other U.S. trading platforms like Newton, a Canada-based crypto exchange relisted XRP last November, Coinbase is yet to but the XRP community continues to mount pressure.
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