Judge rules LBRY video platform’s token is a security in case brought by the US SEC By Cointelegraph
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Judge rules LBRY video platform’s token is a security in case brought by the US SECA United States District Court ruled in favor of the Securities and Exchange Commission (SEC) Nov. 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC’s request for a summary judgment filed May 5. The SEC sued developer LBRY, Inc. in March 2021 — after the agency had brought similar charges against — claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.
According to the SEC, LBRY raised more than $11 million in U.S. dollars, , and services from investors between 2016 and 2021 without filing a registration statement containing “the information required for such an offering to the public.” LBRY did not hold an initial coin offering, and the SEC did not allege fraud in the case.
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Judge rules LBRY video platform’s token is a security in case brought by the US SECA United States District Court ruled in favor of the Securities and Exchange Commission (SEC) Nov. 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC’s request for a summary judgment filed May 5. The SEC sued developer LBRY, Inc. in March 2021 — after the agency had brought similar charges against — claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.
According to the SEC, LBRY raised more than $11 million in U.S. dollars, , and services from investors between 2016 and 2021 without filing a registration statement containing “the information required for such an offering to the public.” LBRY did not hold an initial coin offering, and the SEC did not allege fraud in the case.
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