{"id":507651,"date":"2022-11-08T00:45:00","date_gmt":"2022-11-07T21:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec\/"},"modified":"2022-11-08T00:45:00","modified_gmt":"2022-11-07T21:45:00","slug":"judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec\/","title":{"rendered":"# Judge rules LBRY video platform\u2019s token is a security in case brought by the US SEC"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34d5f56da5d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34d5f56da5d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/judge-rules-lbry-video-platforms-token-is-a-security-in-case-brought-by-the-us-sec\/#%E2%80%9D_Judge_rules_LBRY_video_platforms_token_is_a_security_in_case_brought_by_the_US_SEC_%E2%80%9C\" >&#8221; Judge rules LBRY video platform\u2019s token is a security in case brought by the US SEC &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Judge_rules_LBRY_video_platforms_token_is_a_security_in_case_brought_by_the_US_SEC_%E2%80%9C\"><\/span>&#8221; Judge rules LBRY video platform\u2019s token is a security in case brought by the US SEC &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZTUzOWI0ZDAtNWMzNi00MDczLThkNTAtZDVhNDJhYjI2MWI0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>A United States District Court ruled in favor of the Securities and Exchange Commission (SEC) Nov. 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC\u2019s request for a summary judgment <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ecf.nhd.uscourts.gov\/doc1\/11712791679\">filed<\/a> May 5. The SEC sued developer LBRY, Inc. in March 2021 \u2014 after the agency had brought similar charges against Ripple \u2014 claiming that its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.\u00a0<\/p>\n<p>According to the SEC, LBRY raised more than $11 million in U.S. dollars, Bitcoin, and services from investors between 2016 and 2021 without filing a registration statement containing \u201cthe information required for such an offering to the public.\u201d LBRY did not hold an initial coin offering, and the SEC did not allege fraud in the case.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We lost. Sorry everyone.<\/p>\n<p>\u2014 LBRY  (@LBRYcom) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/LBRYcom\/status\/1589645453091827712?ref_src=twsrc%5Etfw\">November 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>LBRY operates the decentralized video sharing platform Odysee, which offers viewers the opportunity to earn cryptocurrency for watching videos while creators earn LBC for their work. LBRY denied that LBC was a security and claimed the SEC spurned its efforts to settle with it. According to the website for a petition <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/helplbrysavecrypto.com\/faq\">addressed<\/a> to the SEC defending LBRY: <\/p>\n<blockquote><p>\u201cThe LBRY Credit [\u2026] allows individuals to create an identity, tip creators, and publish, purchase, and boost content in a decentralized way. Millions of people have used it this way, and many were using it well before we sold any tokens to anyone. [\u2026] We\u2019ve acted in extremely good-faith, attempted to follow all the rules, and complied with the SEC at every turn.\u201d <\/p><\/blockquote>\n<p>However, Judge Paul Barbadoro of the District of New Hampshire <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dropbox.com\/s\/f6tv8nh78s3gfqk\/LBRY%20Ruling%20on%20Motion%20for%20Summary%20Judgment.pdf?dl=0\">found<\/a>:<\/p>\n<blockquote><p>\u201cNo reasonable trier of fact could reject the SEC\u2019s contention that LBRY offered LBC as a security, and LBRY does not have a triable defense that it lacked fair notice.\u201d <\/p><\/blockquote>\n<p>The ruling means the case will not go to trial. The company stated, \u201cEven 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.\u201d LBRY founder Jeremy Kauffman is currently running to represent New Hampshire in the U.S. Senate as a member of the Libertarian Party. <\/p>\n<p><strong><em>Related: Former SEC official predicts regulator \u2018will lose on the merits\u2019 of case against Ripple<\/em><\/strong><\/p>\n<p>LBRY, Inc. did not respond to a Cointelegraph request for comment by press time.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/judge-rules-lbry-video-platform-s-token-is-a-security-in-case-brought-by-the-us-sec\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Judge rules LBRY video platform\u2019s token is a security in case brought by the US SEC &#8220; A United States District Court ruled in favor of the Securities and Exchange Commission (SEC) Nov. 7 in its case against blockchain-based file-sharing and payment network LBRY. The court granted the SEC\u2019s request for a summary judgment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":507652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZTUzOWI0ZDAtNWMzNi00MDczLThkNTAtZDVhNDJhYjI2MWI0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74898,70934,72287,70588],"class_list":["post-507651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-sec","tag-regulation","tag-security","tag-video"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=507651"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/507651\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/507652"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=507651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=507651"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=507651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}