In a recently filed court document, blockchain-based publishing company LBRY has signaled its intent to challenge a New Hampshire district court’s verdict. This ruling, made in November 2022, concurred with the U.S. Securities and Exchange Commission (SEC) stating that LBRY presented its digital assets as securities or investment contracts.
Unregistered Crypto Securities Saga: LBRY Challenges SEC Amid Wider Crypto Scrutiny
The LBRY project has lodged its intention to contest U.S. district judge Paul Barbadoro’s ruling, which determined LBRY peddled unregistered securities. On November 7, 2022, the court greenlit the SEC’s summary judgment request, deeming LBRY, Inc. in breach of Section 5 of the Securities Act of 1933.
After the verdict, LBRY faced a fine of $111,614 and was “permanently restrained” from any security offerings based in the United States. The blockchain project stood as the first crypto venture to square off with the SEC in such a case.
Subsequently, the U.S.
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