According to Tomiwabold Olajide
The court has ordered that discovery will be phased and expedited, with LBRY delivering the electronic files supporting its profit-and-loss statement within 14 days of today’s ruling.
The parties will meet and confer to attempt to agree on a series of specific, narrow interrogatories and document requests that address the issues raised during the status conference within fourteen (14) days after LBRY provides its response papers.
However, the injunction did not specify what issues it was preventing LBRY from pursuing. The SEC will make written requests of LBRY within 30 days and allow that company to reply during this period.
The parties should meet and confer within 14 days of receiving LBRY’s answer to the SEC’s written requests if depositions are required. After that, it is expected to take about 30 days for the entire process to run its course.
After discovery is completed, the SEC must file a brief addressing what remedy should be applied within 14 days.
Following the SEC’s filing, LBRY will have 14 days to submit a brief in response. After that, the judge will make his decision based on what he hears from each side.
The judge has clarified that his ruling did not apply to secondary sales.
During the court hearing on Jan. 30, CryptoLaw founder John Deaton revealed that Judge O’Brien had made it clear in his ruling that its decision did not apply to secondary sales of LBC.
Deaton says the judge stated that he would make it clear in his order that secondary sales were not included. The SEC then agreed to this stipulation.
LBRY was ordered to pay a settlement with the SEC, as judged ruled that LBC token sales constituted securities offerings.
