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ARTICLE · 11 NOVEMBER 2022

An SEC Win - US District Court Judge Rules LBRY's LBC Token A Security

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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In a significant victory for the SEC, US District Court Judge Paul J. Barbadoro granted summary judgment to the SEC in what is the first enforcement action targeting a cryptocurrency...

United StatesTechnology
Cory S. Flashner
Cory S. Flashner
Edmund Daley
Edmund Daley
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In a significant victory for the SEC, US District Court Judge Paul J. Barbadoro granted summary judgment to the SEC in what is the first enforcement action targeting a cryptocurrency not issued via an initial coin officer (“ICO”). The Court ruled that LBRY Inc. offered and sold unregistered securities in violation of the Securities Act of 1933 when it sold its blockchain token LBC.

What is LBRY/LBC?

LBRY markets itself as a decentralized, open-source video and content sharing platform – the blockchain alternative to Youtube. LBRY Credit, or LBC, is the native token of the LBRY Blockchain, and is used to purchase anything on the LBRY Network or interact with content on the network.

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