Crypto Firm LBRY Appeals Ruling Over Violation of US Securities Law

3:50 pm
September 8, 2023

Cryptocurrency firm LBRY has announced its decision to appeal a previous ruling by a New Hampshire court that it failed to register with the US Securities and Exchange Commission (SEC). LBRY tweeted its intent to appeal the court’s decision. In 2021, the SEC filed a lawsuit against LBRY, claiming that its native LBRY credits (LBC) were securities and that LBRY had not registered as a securities dealing company. LBRY maintained that LBC was not a security and that it did not violate federal securities laws. The court ruled in favor of the SEC in November, ordering LBRY to pay a fine of $111,614.

Summary

Crypto firm LBRY is appealing a court ruling that found it guilty of violating US securities laws by failing to register with the SEC. The firm insists that its LBRY credits are not securities. The SEC won the case and LBRY was ordered to pay a fine of $111,614.

FAQs

What is LBRY?

LBRY is a cryptocurrency firm that operates a blockchain-based file-sharing network.

What is the SEC?

The SEC, or Securities and Exchange Commission, is a US government agency responsible for regulating securities markets and enforcing federal securities laws.

What was LBRY accused of?

LBRY was accused of selling LBRY credits (LBC) without registering as a securities dealing company, thus violating US securities laws.

What was the court’s ruling?

A New Hampshire court ruled in favor of the SEC, finding LBRY guilty of violating securities laws. LBRY was ordered to pay a fine of $111,614.

Why is LBRY appealing the ruling?

LBRY is appealing the ruling because it maintains that the sold LBC is not a security and therefore did not violate federal securities laws.


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