LBRY Files Notice of Appeal to Challenge SEC Ruling on Crypto Securities

LBRY, a blockchain-based file-sharing and payment network, appeals a federal judge ruling on crypto securities issued by the Securities and Exchange Commission (SEC). The ruling prevented LBRY from participating in unregistered offerings.

Posted 8 months ago in Blockchain

LBRY logo in blue and white

Blockchain-based file-sharing and payment network LBRY has decided to fight back against a federal judge ruling that barred it from participating in unregistered offerings of crypto asset securities. LBRY filed a notice of appeal to the United States Court of Appeals for the First Circuit to challenge the final judgment. The Securities and Exchange Commission (SEC) sued LBRY, Inc. in March 2021, alleging that its LBRY Credit token (LBC) was sold as a security. In November, the court ruled in favor of the SEC, ordering LBRY to pay a civil penalty and prohibiting it from offering unregistered crypto asset securities. Despite previously acknowledging the potential demise of the company, LBRY's recent appeal suggests a change in course.

Last updated 9/9/2023, 3:44:20 AM


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