The LBRY decision is in: Security!
against Ripple — claiming that its LBRY Credit token was sold as a security under the 1933 Securities Act.in U.S. dollars, Bitcoin, and services from investors between 2016 and 2021 without filing a registration statement containing “the information required for such an offering to the public.” LBRY did not hold an initial coin offering, and the SEC did not allege fraud in the case.
The ruling means the case will not go to trial. The company stated, “Even if LBRY Inc is shut down by the SEC as a result of this lawsuit, the LBRY network will continue to function and grow through the effort of the distributed LBRY community.” LBRY founder Jeremy Kauffman is currently running to represent New Hampshire in the U.S. Senate as a member of the Libertarian Party.
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