Last Updated on September 9, 2023 by Bitfinsider
According to a court filing, the business behind LBRY, a blockchain publishing platform, stated on Thursday that it intends to appeal a court ruling that found it accountable for breaking federal securities laws last year.
“LBRY is appealing the SEC’s decision because it is unjust and incorrect,” Kaufman wrote in a statement. “The SEC has made it clear that it intends to use this ruling to harm the cryptocurrency industry as a whole.” We’re not going to let them.”
Last November, a New Hampshire court ruled with the Securities and Exchange Commission (SEC), which accused LBRY, Inc. of selling its LBRY Credits ($LBC) token to investors without first registering the asset as a security.
LBRY contended that LBRY Credits were not securities because of their utility on the LBRY platform. Judge Paul J. Barbadoro, on the other hand, determined that the company could provide “no reasonable trier of fact who could reject the SEC’s claims.”
Since the SEC’s triumph over LBRY, the agency has suffered multiple legal setbacks, according to some crypto proponents. Last month, a D.C. appeal court ruled that the SEC’s previous refusal to convert Grayscale’s Bitcoin Trust into a spot Bitcoin ETF was “capricious.”
The SEC has also conceded some ground in its legal dispute with Ripple Labs over XRP’s status as an unregistered security. A New York judge delivered a partial judgement in July, stating that the token was not inherently a security on its face and that certain public XRP were not illegal.
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