Blockchain-based file-sharing and payment network LBRY appears to be reversing course on an earlier decision to wind down, deciding instead to fight a federal judge ruling in July that sided with the Securities and Exchange Commission.
On Sept. 7, LBRY filed a notice of appeal to the United States Court of Appeals for the First Circuit, seeking to appeal the final judgment entered on July 11 that ordered LBRY to pay a civil penalty and barred it from participating in unregistered offerings of crypto asset securities in the future.
“Defendant LBRY, Inc. now appeals to the United States Court of Appeals for the First Circuit this Court’s final judgment entered on July 11, 2023,” it read.
The SEC first sued developer LBRY, Inc. in March 2021, claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.
The U.S. District Court for the District of New Hampshire granted the SEC’s motion for summary judgment against LBRY on Nov. 7, barring the platform from offering “unregistered crypto asset securities” and ordering it to pay a $111,614 civil penalty to the SEC.
However, LBRY’s most recent move appears to be a possible change in course. It also comes amid a number of high-profile crypto industry victories against the federal regulator, including Ripple and Grayscale.
Cointelegraph contacted LBRY for further comments but had not received a response at the time of publication.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.