By Elise Hansen (Might 5, 2022, 8:50 PM EDT) — The U.S. Securities and Alternate Fee is making an attempt an “unprecedented overreach” in claiming that blockchain-based publishing platform LBRY’s cryptocurrency gross sales have been an unregistered securities providing, the corporate informed a New Hampshire federal courtroom Thursday.
Both sides pushed for a ruling in its favor, with the SEC requesting abstract judgment on Wednesday and LBRY submitting its movement on Thursday. At problem is LBRY’s sale of its signature cryptocurrency, LBRY Credit, or LBC. The SEC claims the gross sales have been unregistered securities choices, whereas the corporate says that the asset is a “utility token” used to make purchases on its platform.
LBRY payments itself as a…
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