{"id":22229,"date":"2023-07-12T16:44:55","date_gmt":"2023-07-12T16:44:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/lbry-credits-token-plummets-after-federal-court-ruled-against-lbry-inc\/"},"modified":"2023-07-12T16:44:55","modified_gmt":"2023-07-12T16:44:55","slug":"lbry-credits-token-plummets-after-federal-court-ruled-against-lbry-inc","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/lbry-credits-token-plummets-after-federal-court-ruled-against-lbry-inc\/","title":{"rendered":"LBRY Credits Token plummets after federal court ruled against LBRY Inc."},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689179728633-6f563650-1fd5-4cee-818e-a306cd865b75-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689179728633-6f563650-1fd5-4cee-818e-a306cd865b75-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689179728633-6f563650-1fd5-4cee-818e-a306cd865b75-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/07\/1689179728633-6f563650-1fd5-4cee-818e-a306cd865b75-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>At press time, LBRY Token had plunged to $0.009298 from a high of $0.01235 on July 11.<\/li>\n<li>The plunge followed a ruling that LBRY Inc. violated US securities laws.<\/li>\n<li>LBRY Inc. has stated that it is shutting down its business.<\/li>\n<\/ul>\n<p>The LBRY Credits (LBC) fell by 24% early today as a result of a Federal Judge\u2019s ruling that LBRY, Inc, the company that created the LBRY protocol, is responsible for breaking US securities laws. . LBRY was <a href=\"https:\/\/coinjournal.net\/news\/sec-sues-crypto-startup-lbry-over-unregistered-securities\/\">sued by the SEC in March 2021<\/a> for offering unregistered securities.<\/p>\n<p>Following the final judgment, the company is permanently prohibited from selling unregistered securities unless it first registers with the US Securities and Exchange Commission (SEC). LBRY, Inc also has thirty days to pay a fine of $111,614.<\/p>\n<h2>Winding LBRY Inc. down<\/h2>\n<p>After the ruling, the decentralized content-sharing project LBRY Inc. was quick to announce its next steps stating that it working on winding down completely.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The final judgement in SEC vs LBRY is out.<\/p>\n<p>In accordance with the court&#8217;s order and our promises, we expect to spend the next several months winding LBRY Inc. down entirely.<\/p>\n<p>As to what happens to LBRY from here, well, that&#8217;s up to you. <a href=\"https:\/\/t.co\/cU8O3nATT6\">pic.twitter.com\/cU8O3nATT6<\/a><\/p>\n<p>\u2014 LBRY \ud83d\ude80 (@LBRYcom) <a href=\"https:\/\/twitter.com\/LBRYcom\/status\/1678866789407551489?ref_src=twsrc%5Etfw\">July 11, 2023<\/a><\/p>\n<\/blockquote>\n<p>It\u2019s crucial to note that the SEC never requested a total shutdown of the project, at least not in their initial complaint, despite the project\u2019s announcement that it is closing. On the contrary, the regulator sought to prevent unregistered securities offerings of any kind and the return of \u201cill-gotten\u201d profits from those activities, and civil penalties.<\/p>\n<p>The SEC cited explicit statements on LBRY\u2019s website that it was selling LBRY Credits (LBC) tokens to \u201cfinancially support its operations\u201d both through their protocol and on secondary markets, which refer to the buying and selling of tokens on platforms that aren\u2019t the cryptocurrency\u2019s original issuers. These statements were made during the litigation process.<\/p>\n<h2>Last year\u2019s ruling against LBRY<\/h2>\n<p>In November last year, Judge Paul J. Barbadoro of the U.S. District Court of New Hampshire ruled against LBRY Inc. ruling that the project could not provide \u201cany reasonable trier of fact that could reject the SEC\u2019s claims.\u201d As a result, LBRY Inc. declared they lost.<\/p>\n<p>However, <a href=\"https:\/\/coinjournal.net\/news\/lbry-credits-lbc-shoots-up-by-90-after-being-declared-not-a-security\/\">LBRY Inc. filed and won an appea<\/a>l focusing on whether the secondary market sales of the LBC tokens should be included in an injunction the US SEC is seeking the court to approve.\u00a0<\/p>\n<p>After yesterday\u2019s ruling, the company\u2019s CEO, Jeremy Kauffman, tweeted that \u201cneither the SEC nor the federal judge himself can tell me what the law allows and doesn\u2019t allow,\u201d adding that \u201call I\u2019ve ever wanted to do is follow the law.\u201d<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/lbry-credits-token-plummets-after-federal-court-ruled-against-lbry-inc\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) At press time, LBRY Token had plunged to $0.009298 from a high of $0.01235 on July 11. The plunge followed a ruling that LBRY Inc. violated US securities laws. LBRY Inc. has stated that it is shutting down its business. The LBRY Credits [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":22230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22229"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22229"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22230"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}