2023-9-9 16:08 |
LBRY Inc., a US-based crypto company behind the decentralised content sharing platform LBRY and crypto asset LBRY Credits (LBC), is challenging a court ruling that indicated the startup violated US securities laws.
LBRY seeks appeal against SECIn November 2022, US Judge Judge Peter Barbadoro of the District Court for the District of New Hampshire agreed with the US Securities and Exchange Commission (SEC)’s motion that LBRY illegally sold unregistered securities. According to the SEC, the crypto startup offered and sold LBC to investors, including from the US, between July 2016 and February 2021.
LBRY, based in New Hampshire, maintained its native token was not an investment contract. The company had announced it would be shutting down following a summary judgment last November and the final ruling delivered in July this year. The SEC’s win came with a $111,614 penalty for LBRY, incidentally reduced from $22 million after the regulator noted the startup’s “near-defunct status.”
Court documents show that LBRY filed a notice of appeal with the US Court of Appeals for the First Circuit, indicating its challenge to the July 11 ruling. The appeals notice was filed on September 7, 2023, details of which the company shared via X (formerly Twitter).
LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw
— LBRY 🚀 (@LBRYcom) September 7, 2023 LBC market reactionLBC traded just below $0.013 on Friday, down nearly 6% in the past 24 hours.
However, the token is up nearly 40% in the past week and more than 77% in the past 30 days. Despite this, LBC remains more than 99% down from its all-time high of $1.60 reached in July 2016. According to data from CoinGecko, the token’s highest price in the last bull market was $0.40 in July 2021.
Notably, recent gains have come amid periods of upside action for the broader market – particularly after the latest crypto win over the SEC in the form of an appeals court’s ruling in favour of Grayscale. That, and Judge Analisa Torres’ ruling in July that XRP was not a security, could be a big boost to LBRY’s appeal.
The post LBRY files notice of appeal against SEC appeared first on Invezz.
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