The crypto company behind a peer-to-peer digital marketplace, LBRY, lost its legal battle against the U.S. Securities and Exchange Commission (SEC). The regulator filed a lawsuit against the crypto platform over the alleged illegal sales of an unregistered security, its native token LBRY Credits (LBC).
The team behind LBRY shared the news with its followers via social media regretting the outcome. Many considered this case, along with the Ripple versus SEC battle, one of the most important legal actions for the crypto industry.
Everything But Bitcoin, LBRY Case Might Shape Crypto Regulations
According to the court’s decision, LBRY’s legal representation failed to offer “a reasonable trier of fact” or sufficient proof to reject the SEC’s accusations. In addition, the judge…
