LBRY has filed an intent to appeal a court ruling in favor of the SEC which accused it of selling unregistered securities.
The SEC first sued developer LBRY, Inc. in March 2021, claiming that its LBRY Credit token was sold as a security under the 1933 Securities Act.
The U.S. District Court for the District of New Hampshire granted the SEC’s motion for summary judgment against LBRY on Nov. 7, which barred the platform from offering “unregistered crypto asset securities” and ordered it to pay a $111,614 civil penalty to the SEC.a punishment of $22 million but revised it after conceding the defunct firm couldn’t pay.
Cointelegraph contacted LBRY for further comments but had not received a response at the time of publication.
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