Community reacts to SEC dropping XRP case and LBRY shutdown
While celebrating a new court win in Ripple’s legal battle with the SEC, the community mourns the demise of LBRY, which some say was “regulated to oblivion.” Ripple’s new win in the legal battle against the United States securities regulators has been marred for crypto enthusiasts by news of the blockchain platform LBRY shutting down operations, which has triggered the community to react . The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020. On the same day, LBRY, a major blockchain file-sharing and payment network, announced the termination of its operations, citing “several million dollars” in debts owed to the SEC, its legal team and a private debtor. LBRY’s creators are known for building Odysee, an open-source video-sharing website that uses the network, aim...