{"id":14965,"date":"2022-11-08T01:43:15","date_gmt":"2022-11-08T01:43:15","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec\/"},"modified":"2022-11-08T01:43:16","modified_gmt":"2022-11-08T01:43:16","slug":"judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec\/","title":{"rendered":"Judge rules LBRY video platform\u2019s token is a security in case brought by the US SEC"},"content":{"rendered":"
<\/p>\n
A United States District Court ruled in favor of the Securities and Exchange Commission (SEC) Nov. 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC\u2019s request for a summary judgment filed May 5. The SEC sued developer LBRY, Inc. in March 2021 \u2014 after the agency had brought similar charges against Ripple \u2014 claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.\u00a0<\/p>\n
According to the SEC, LBRY raised more than $11 million in U.S. dollars, Bitcoin, and services from investors between 2016 and 2021 without filing a registration statement containing \u201cthe information required for such an offering to the public.\u201d LBRY did not hold an initial coin offering, and the SEC did not allege fraud in the case.<\/p>\n
\nWe lost. Sorry everyone.<\/p>\n