Ripple may be holding its breath a bit longer after a United States district court judge refused to rule on if the secondary sale of LBRY Credits (LBC) constitutes a security.
On July 11, Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire made the ruling in the case that the United States Securities and Exchange Commission (SEC) brought against the decentralized content platform LBRY.
The ruling may have offered legal precedent to fellow district court Judge Analisa Torres, who is set to decide on the SEC’s case against Ripple in the coming months.
In his ruling, Barbadoro said:
“Accordingly, I take no position on whether the registration requirement applies to secondary market offerings of LBC.”
A secondary market is where traders buy and sell securities, while a primary market involves trading from the company issuing the security directly.
John Deaton, a U.S. lawyer representing thousands of XRP (XRP) tokenholders, tweeted on July 11 that he contacted Barbadoro to seek clarity on if LBC constituted a security.
Barabadoro ultimately decided to uphold his “judicial restraint,” Deaton said.
I asked the Judge to clarify that the token itself is not the security just as Judge Castel did in Telegram. He declined to do so because he said that specific issue wasn’t litigated and he believes in exercising judicial restraint. He wrote: “it suffices to say that merely… https://t.co/xR9AemS5Hq
Barbadoro’s latest opinion is an about-turn from what he concluded in a January appeal hearing where Deaton persuaded him that the secondary sale of LBC doesn’t constitute a securities offering.
The New Hampshire judge clarified in the appeal hearing that LBC is only considered a security when the sale is made directly.
The SEC also admitted that secondary market LBC sales don’t constitute a security.
While the SEC won a summary judgment in November 2022, it elected to settle for $22 million at an appeal hearing on Jan. 30.
In May, the SEC revised the figure and instead asked the court to impose a fine of $111,000, citing LBRY’s “lack of funds and near-defunct status.”
Meanwhile, Jeremy Hogan, a U.S.-based attorney and Ripple advocate, told Cointelegraph that Judge Analisa Torres would likely make her ruling within the next couple of months.
“We’ll have the big picture sometime in the next two months, and, unless Ripple completely wins, we’ll know the details before the end of the year. If the details are bad, then we will see appeals that will drag on for a long time.”
“But [that] won’t really matter for a typical XRP holder,” he added.
The final ruling is out in the SEC v. LBRY case.
The Judge did not rule on secondary sales (or, not surprisingly, the Major Questions Doctrine). He enjoined further violations and issued a penalty.
If Hungary’s authorities thought banning this year’s Pride march would keep people off the streets, they were wrong.
Thousands turned out in Budapest, defying a law which said LGBTQ+ events like this should be cancelled to protect children.
The crowd was determined to fight for their rights.
Image: Rainbow flags were on display everywhere as people celebrated Pride. Pic: Reuters
Image: Huge crowds crossed the Elisabeth Bridge over the Danube. Pic: Reuters
“This is a special march, not just because it was the 30th, but also because it was banned,” said Orsi, who proudly wore a rainbow headband and waved a rainbow flag.
“I mean that’s all the more reason to go out on the street and show that Budapest and Hungary is a place where everybody is welcome, where love is equal,” she added.
Image: Orsi told Sky News that it was a special march and worth the risk of being fined
Attendees had been warned that just being there could mean a 500 euro fine or prison time for the organisers.
They were told police would use facial recognition cameras to identify them, but they didn’t care.
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Orsi said it was worth a fine.
Leonas had travelled from Poland to show his support and was also happy to take the risk.
“LGBT rights are attacked across the whole world, and we need to defend each other and work with each other,” he said.
Image: Leonas from Poland felt it was important to defend LGBTQ+ rights
Viktor Orban’s government has repeatedly pitched family values against LGBTQ+ rights.
“The mother is a woman, the father is a man and leave our kids alone,” he told conservative audiences in the past.
He says he is protecting Hungary’s Christian values, but critics say this is just part of a wider attack on democracy which has happened during his 15 years in control.
Image: Budapest was transformed into a sea of bright colours, as marchers defied a ban. Pic: AP
Image: Pic: Reuters
In 2020, the country abolished its legal recognition of transgender people, and in 2021, politicians passed a law banning the depiction of homosexuality to under-18s.
While many were outraged by the attempt to cancel the Pride march, a small number of far-right activists organised demonstrations to show their support:
“Hungary and the Hungarian nation don’t want the aggressive LGBTQ+ propaganda. They are dangerous for our families, they are dangerous for our kids,” said Gabor Kelemen, a member of the 64 Counties Youth Movement.
Image: Gabor Kelemen, from a far-right group, thinks Pride represents LGBTQ+ propaganda that is ‘dangerous for our families’
However, the packed streets showed many disagree.
At one point, as far as the eye could see, the march snaked through streets and across the city’s bridges. The sound of drums and whistles mixing with gay anthems blaring out of speakers.
The organisers said they believed this will be the largest Pride march ever in Budapest.
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The crowd was eclectic, with Hungarians from different communities joining a demonstration which many believe is now part of a fight for Hungary’s future.
“This is not only about the complexity of Pride, not only about love or equality… for Hungarians, it’s about sticking together, supporting each other, showing the government that we believe in a different kind of Hungary. We believe in freedom, we believe in democracy,” said activist Adam Kanicsar.
Image: Activist Adam Kanicsar believes the Pride march will send an important message to Hungary’s government
Despite the ban, today Pride attendees were celebrating a victory. But make no mistake, many in Hungary do not support the parade or what they see as an attack on traditional values.
Next year, the country will hold a general election, a vote which will expose how divided Hungary really is.
Thousands of people have taken to the streets of Tehran to mourn top military commanders, nuclear scientists and others killed in Iran’s 12-day war with Israel.
State-run Press TV said the event – dubbed the “funeral procession of the Martyrs of Power” – was held for 60 people, including four women and four children.
It said at least 16 scientists and 10 senior commanders were among the dead, including head of the Revolutionary Guard General Hossein Salami and the head of the guard’s ballistic missile programme, General Amir Ali Hajizadeh.
Image: Pic: Majid Asgaripour/WANA/Reuters
Image: Pic: Reuters
Their coffins were driven to Azadi Square on trucks adorned with their pictures as well as rose petals and flowers, as crowds waved Iranian flags.
Chants of “death to America” and “death to Israel” could be heard.
Attending the funeral were Iranian President Masoud Pezeshkian and other senior figures, including Ali Shamkhani who was seriously wounded during the fighting and is an adviser to Iran‘s supreme leader.
There was no immediate sign of the supreme leader in the state broadcast of the funeral.
Image: Pic: Reuters
Image: Foreign minister Abbas Araghchi kneels in front of a coffin. Pic: Reuters
Iran’s president later thanked people for turning out.
“From the bottom of my heart, I thank you dear people,” Mr Pezeshkian wrote on social media.
“With love, you bid farewell to the martyrs of our homeland, and our voice of unity reached the ears of the world.”
Iranian foreign minister Abbas Araghchi called the deaths “hard and painful”.
Seemingly referencing the recent airstrikes, he added: “Institutions and structures, however important and valuable, return with new glory and greater strength over time, even if it takes years.”
Image: A woman holds a picture of Iran’s supreme leader. Pic: Reuters
Israel, the only Middle Eastern country widely believed to have nuclear weapons, said its attacks on Iran aimed to prevent Tehran from developing its own nuclear weapons.
The US joined in by launching strikes on three nuclear enrichment sites in Iran, which Donald Trump said left them “obliterated”, however the exact extent of the damage remains unclear.
Iran denies having a nuclear weapons programme and the UN nuclear watchdog, which carries out inspections in Iran, has said it has “no credible indication” of an active, coordinated weapons project.
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New details on US attacks on Iran
Over almost two weeks of fighting, Israel claimed it killed around 30 Iranian commanders and 11 nuclear scientists, before a ceasefire began on Tuesday.