The LBRY LBC token has risen by 67% as rumors have spread that a judge will allow it to continue to be sold on secondary markets.
Although the SEC prevailed in its case against LBRY that it had sold an unregistered security, a "friend of the court" said on Monday that the judge told him his upcoming order to stop selling LBC won't apply to the secondary market.
- The SEC sued LBRY in March 2021 for selling unregistered securities.
- LBRY argued in court that the token is not a security but ended up losing the battle against the SEC in November.
- John Deaton, founder of Crypto Law and managing partner of Deaton Law Firm, appeared as a "friend of the court" in a Monday hearing regarding secondhand sales of LBC.
- Deaton said the judge in New Hampshire told him, "I'm going to make it clear that my order does not apply to secondary market sales."
- Although there isn't a transcript available yet, Deaton's quote alone prompted enough optimism to increase the price of LBC.
- The judge's ruling isn't likely to come for weeks.