BusinessLawsuitLBRYSECSecurities

SEC Suing LBRY Over $11 Million Token Sales

The SEC is going after LBRY.
SEC Suing LBRY 
The Securities and Exchange Commission (SEC) has filed a lawsuit against LBRY. 
The complaint relates to the company’s LBRY Credits (LBC), which are used to pay creators who upload digital content to the site. LBRY describes itself as “a people’s marketplace” that aims to distribute value to content creators and consumers. It has a user base of over 10 million. 
According to the SEC, the company sold its tokens as investment contracts, beginning in 2016. LBRY Credits were sold, the SEC said, in the expectation that they would appreciate in value. The SEC’s statement read: 
“The complaint alleges that LBRY did not file a registration statement for the offering, and that the offering failed to satisfy any exemption from registration.” 
The SEC said that the LBRY had “received more than $11 million in U.S. dollars, Bitcoin, and services from purchasers who participated in its offering.”
The complaint goes on to argue that the company was positioned to profit from the LBC tokens. “Because LBRY was the largest holder of LBC, it also expected to profit from any appreciation in value of LBC,” it said. 
Content Platform Responds to SEC
LBRY has vocally opposed the SEC’s stance since news of the filing surfaced. 
The company took to social media to say that the SEC’s position poses an existential threat to the entire crypto industry, similarly to how Ripple responded to their recent lawsuit. 
“HELP US SAVE CRYPTO. The future …
Story continues on Crypto Briefing

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