Judge rules video platform LBRY token is security in US SEC case

The court was unmoved by LBRY's objections that the regulator's allegations were unfounded and it did not not had the ability to operate in accordance with SEC requirements.< /p> New
A United States District Court ruled in favor of the Securities and Exchange Commission (SEC) on November 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC's motion for summary judgment filed May 5. The SEC sued developer LBRY, Inc. in March 2021 – after the agency brought similar charges against Ripple – claiming that its LBRY (LBC) credit token had been sold as collateral. under the Securities Act 1933.

According to the SEC, LBRY raised more than $11 million in US dollars, bitcoins and services from investors between 2016 and 2021 without filing a registration statement containing "the information required for such an offering to the audience". LBRY did not hold an Initial Coin Offering and the SEC did not allege fraud in this matter.

We lost. Sorry everyone.
— LBRY (@LBRYcom) November 7, 2022
LBRY operates the decentralized video-sharing platform Odysee, which offers viewers the opportunity to earn cryptocurrency for watching videos while creators earn LBC for their work. LBRY denied LBC was a stock and claimed the SEC had backed off from efforts to settle with it. According to the website of a petition to the SEC defending LBRY:

"The L...

Crypto Nov 7, 2022 0 54 Add to Reading List

Judge rules video platform LBRY token is security in US SEC case

The court was unmoved by LBRY's objections that the regulator's allegations were unfounded and it did not not had the ability to operate in accordance with SEC requirements.< /p> Judge rules LBRY video platform's token is a security in case brought by the US SEC New

A United States District Court ruled in favor of the Securities and Exchange Commission (SEC) on November 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC's motion for summary judgment filed May 5. The SEC sued developer LBRY, Inc. in March 2021 – after the agency brought similar charges against Ripple – claiming that its LBRY (LBC) credit token had been sold as collateral. under the Securities Act 1933.

According to the SEC, LBRY raised more than $11 million in US dollars, bitcoins and services from investors between 2016 and 2021 without filing a registration statement containing "the information required for such an offering to the audience". LBRY did not hold an Initial Coin Offering and the SEC did not allege fraud in this matter.

We lost. Sorry everyone.

— LBRY (@LBRYcom) November 7, 2022

LBRY operates the decentralized video-sharing platform Odysee, which offers viewers the opportunity to earn cryptocurrency for watching videos while creators earn LBC for their work. LBRY denied LBC was a stock and claimed the SEC had backed off from efforts to settle with it. According to the website of a petition to the SEC defending LBRY:

"The L...