The cryptotoken LBRY credits (LBC), issued by LBRY, a blockchain-based content hosting service, is legally a security according to a decision today from the U.S. District Court for New Hampshire.
In a decision for summary judgment in favor of the Securities and Exchange Commission in the case SEC v. LBRY, Inc., which began in March 2021, U.S. District Judge Paul J. Barbadoro insisted the company violated Section 5 of the Securities Act of 1933 by selling its tokens without registering with and obeying SEC requirements for the legal sale of securities.
