- The SEC has filed a motion to extend the time to respond to LBRY’s motion to limit the remedies.
- LBRY has objected to SEC’s motion to extend the time to respond to the payment platform’s motion.
- The commission requests its response to LBRY’s motion to be due before December 19.
According to a recent tweet by Defense Lawyer James Filan, the Securities and Exchange Commission (SEC) has filed a motion in court to extend the time to respond to LBRY’s motion to limit the SEC’s remedies.
However, LBRY has objected to SEC’s motion to extend the time to respond to the payment platform’s motion. The SEC on the contrary argued back, stating:
As counsel for the Commission stated during the recent scheduling conference, the Commission is the sole authority to advance certain aspects of or positions in litigation. An additional five days would allow the Commission to convene on an expedited basis to authorize aspects of a response.
According to the court filings, the plaintiff has sought additional five days to respond to LBRY’s motion to limit the commission’s remedies. The SEC has time until Monday, December 19, to respond to LBRY’s motion.
Moreover, the additional five days would give the commission a total of 12 days to respond to LBRY’s motion. The extension will however not result in the continuance of any hearing, conference, or trial and will have a negligible impact on the rulings.
Furthermore, the commission would also grant an equal extension of time to LBRY to file its reply. Since LBRY objected to SEC’s motion to extend the time, the commission requests its response to LBRY’s motion to be due on or before December 19.
For the uninitiated, The New Hampshire District Court issued a summary decision in the SEC v. LBRY lawsuit earlier in November, stating that the native token of the blockchain system and network created by LBRY is security.
On March 29, 2021, the commission filed a complaint stating that LBRY had violated Section 5 of the Securities Act by failing to register the offer and sale of its native token, LBC.
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