United States of America: 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.