{"id":23328,"date":"2023-09-08T14:18:21","date_gmt":"2023-09-08T14:18:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-lbry-files-to-challenge-ruling-it-violated-us-securities-law\/"},"modified":"2023-09-08T14:18:21","modified_gmt":"2023-09-08T14:18:21","slug":"crypto-firm-lbry-files-to-challenge-ruling-it-violated-us-securities-law","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-firm-lbry-files-to-challenge-ruling-it-violated-us-securities-law\/","title":{"rendered":"Crypto firm LBRY files to challenge ruling it violated US Securities Law"},"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\/09\/1694180671699-9bd5a409-6197-40fc-af3c-ca87541b0fde-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1694180671699-9bd5a409-6197-40fc-af3c-ca87541b0fde-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1694180671699-9bd5a409-6197-40fc-af3c-ca87541b0fde-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/09\/1694180671699-9bd5a409-6197-40fc-af3c-ca87541b0fde-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>The SEC filed a lawsuit in a New Hampshire court arguing that LBRY\u2019s LBC tokens were tokens and not cryptocurrencies.<\/li>\n<li>The SEC won a case in November 2022 and LBRY said that it would close.<\/li>\n<li>LBRY was also ordered to pay a fine of $111,614.<\/li>\n<\/ul>\n<p>The cryptocurrency firm LBRY has announced its intention to appeal a previous New Hampshire court\u2019s finding that it had neglected to register with the SEC. LBRY announced on its X (previously Twitter) account that it intended to appeal the decision.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">LBRY has filed a Notice of Appeal against the SEC. <a href=\"https:\/\/t.co\/Zp9S0TP0Qw\">pic.twitter.com\/Zp9S0TP0Qw<\/a><\/p>\n<p>\u2014 LBRY \ud83d\ude80 (@LBRYcom) <a href=\"https:\/\/twitter.com\/LBRYcom\/status\/1699874353213559145?ref_src=twsrc%5Etfw\">September 7, 2023<\/a><\/p>\n<\/blockquote>\n<p>According to the <a href=\"https:\/\/coinjournal.net\/news\/sec-sues-crypto-startup-lbry-over-unregistered-securities\/\">2021 SEC\u2019s lawsuit<\/a>, the blockchain-based file-sharing network sold native LBRY credits (LBC), without registering as a securities dealing company. LBRY has, however, insisted the sold LBC was not securities, and thus the company did not violate federal securities laws as claimed by the SEC.<\/p>\n<p>The SEC was awarded a victory by a New Hampshire judge in November, and the final judgment was <a href=\"https:\/\/coinjournal.net\/news\/lbry-credits-token-plummets-after-federal-court-ruled-against-lbry-inc\/\">submitted on July 11<\/a>. After the decision, LBRY said that it would close.<\/p>\n<p>The court ordered LBRY to pay a $111,614 fine. The regulator decreased that from $22 million in May due to the company\u2019s \u201cnear-defunct status.\u201d Additionally, the corporation was \u201cpermanently restrained and enjoined from\u201d directly or indirectly taking part in any unregistered crypto securities offering or breaking federal securities laws.<\/p>\n<p>Similar SEC claims regarding the sale of $1.3 billion in XRP tokens had been made against blockchain company Ripple Labs. Legal professionals have argued that a federal judge\u2019s <a href=\"https:\/\/coinjournal.net\/news\/ripple-wins-sec-case-xrp-not-a-security\/\">ruling in favour of Ripple in July<\/a> \u2013 that programmatic sales of XRP to retail investors through exchanges did not violate securities law, but direct sales of the cryptocurrency to institutional investors did \u2013 may give hope to other businesses involved in related cases.<\/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\/crypto-firm-lbry-files-to-challenge-ruling-it-violated-us-securities-law\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) The SEC filed a lawsuit in a New Hampshire court arguing that LBRY\u2019s LBC tokens were tokens and not cryptocurrencies. The SEC won a case in November 2022 and LBRY said that it would close. LBRY was also ordered to pay a fine [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":23329,"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\/23328"}],"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=23328"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23328\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23329"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}