Description
The SEC sues LBRY alleging the digital credits (LBC) it sold were unregistered.
Legal Significance
The court rejected LBRY’s argument that LBC was not a security because they insinuated to investors that LBC had potential value as an investment and intertwined the success of LBC with the success of their platform.
Issues
Status
Settled
Case No.
1:21-cv-00260
Date Filed
March 29, 2021
Plaintiff
SEC
Defendant
LBRY Inc.
Court
USDC New Hampshire
Plaintiff Counsel
Amy Harman BurkartPeter MooresMarc Jonathan Jones
Defendant Counsel
Shaheen & GordonPetrillo Klein & Boxer LLPPerkins Coie LLP
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