SEC Reads Out LBRY Tweet; Judge Barbadoro Laughs Out Loud

  • Judge Barbadoro “laughed out loud” when the SEC read out a tweet posted by LBRY.
  • LBRY’s tweet is controversial as they claim it is essential to obscure activity from US regulatory agencies.
  • The judge did not take the post seriously and asked the SEC to provide some guidance and clarity in the space.

Earlier today, John Deaton, the reputed crypto attorney who has been vocal in his contempt of the SEC, has revealed details of interactions from within the court. Deaton claims that Judge Barbadoro “laughed out loud” when the SEC read out a controversial tweet posted by LBRY.

A part of the tweet in question reads:  We thought by being honest and open the SEC would go after us last, but they actually went after us first because we made it easy. We cannot emphasize enough how important it is to obscure your activity from US regulatory agencies.

Judge Barbadoro, according to the information shared by Deaton, said that he understood why Jeremy Kauffman and LBRY were angry. “This case didn’t involve fraud or misrepresentation and LBRY didn’t hide anything and did everything out in the open at a time when the SEC’s treatment of non-ICO cases lacked clarity,” stated the judge during the court proceeding.

In the words of the judge, the entrepreneurs behind LBRY put “a lot of blood sweat and tears” and just “guessed” wrong. He also rejected the fair notice defense but stated that the SEC needed to take responsibility for its refusal to provide some guidance and clarity in the space.

Drawing on his personal experience, Deaton reveals that he knows firsthand how SEC lawyers show judges tweets. “Twice, they marked my tweets as Exhibits, asking Judge Torres to not grant my amicus status and bar me from participating in the case,” Deaton complains. “They even lied to the judge and said that I threatened actual violence against SEC staff.”

Consequently, crypto Twitter has never been unhappier, protesting the SEC’s moves to silence any enterprise that dared to disagree with them. Several users also brought up the SEC vs. Ripple case, expressing their hopes but also their valid fears regarding the outcome.

On a related note, XRP is currently trading hands at $0.413315 after a 2.7% increase in price over the last day. The altcoin was able to reach a high of $0.417 and a low of $0.398 over the same time period. While XRP’s weekly performance is in the red by 1.3%, its monthly performance is doing well, at a 18.6% growth.

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