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Description

Issued ruling against LBRY regarding classification of its crypto assets as securities

On 7 November 2022, the United States District Court of New Hampshire issued a summary judgment in favour of the Securities and Exchange Commission (SEC) in its lawsuit launched in March 2021 against blockchain-based file-sharing company LBRY. The lawsuit concerns the issuance of the crypto asset called "LBRY Credits" or LBC. According to the SEC, LBRY raised more than USD 11 million from investors between 2016 and 2021 through the sales of LBC without filing a registration statement. The Court ruled that LBRY offered and sold LBC as securities in violation of the Securities Act 1933. The amount of relief to be paid by LBRY will be determined at a later date by the Court.

Original source

Scope

Policy Area
Registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
judiciary
Government Body
court

Complete timeline of this policy change

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2021-03-29
under deliberation

On 29 March 2021, the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchai…

2022-11-07
under investigation

On 7 November 2022, the United States District Court of New Hampshire issued a summary judgment in …