.SECGov has secured a major victory against LBRYcom
The U.S. District Court for the District of New Hampshire has ruled that LBRY offered its LBRY Credits token as an unregistered security. in response to the ruling.
The SEC sued the decentralized content platform in May 2021 for selling unregistered securities just months after bringing a similar lawsuit against blockchain company Ripple. LBRY claimed that LBC has utility, arguing that some buyers intended to use the token instead of holding it as an investment. Federal Judge Paul Barbadoro rejected this argument."Nothing in the case law suggests that a token with both consumptive and speculative uses cannot be sold as an investment contract...
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