2023-11-07 21:00:29

New Hampshire Court Sides With SEC in Lawsuit Against LBRY, Project's Team Says Loss Sets a 'Dangerous Precedent'

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Bitcoin.com
By Jamie Redman

The U.S. Securities and Exchange Commission (SEC) has won a court case against the blockchain-powered publishing platform LBRY. According to a New Hampshire district court ruling, Judge Paul Barbadoro agreed with SEC that the projects native asset LBC was considered an investment contract or a transferable share representing a certificate of interest. On Twitter, LBRY said the language used to sway the courts decision sets an extraordinarily dangerous precedent.

U.S. Regulator Wins Judgement Against Decentralized Blockchain Platform LBRY

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According to court documents, the U.S. regulatory watchdog, the Securities and Exchange Commission (SEC), has won a case where it argued that LBRY sold an unregistered security that violates section 5 of the Securities Act of 1933. Furthermore, the SEC seeks injunctive relief from the alleged proceeds of LBRYs LBC token.

Despite LBRY arguing that the blockchain token was not a security, but rather an essential component of the LBRY blockchain network, Judge Paul Barbadoro granted the SECs motion for summary judgment. The New Hampshire District Courts approved summary judgment insists:

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