United States of America: Announced SEC lawsuit against LBRY regarding classification of its crypto assets as securities

On 29 March 2021, the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchain-based file-sharing company LBRY under the District Court of New Hampshire. According to the SEC, LBRY raised more than USD 11 million from investors between 2016 and 2021 through the sales of digital crypto assets known as "LBRY Credits" or LBC, without filing a registration statement for such an offering under the Securities Act 1933. In the complaint, the SEC stated that LBC were offered and sold as investment contracts and alleged that the digital crypto assets are securities.