LBRY decides to fight: Blockchain firm files notice of appeal against SEC

Blockchain-based file-sharing and outgo web LBRY appears to beryllium reversing people connected an earlier determination to upwind down, deciding alternatively to combat a national justice ruling successful July that sided with the Securities and Exchange Commission.

On Sept. 7, LBRY filed a announcement of entreaty to the United States Court of Appeals for the First Circuit, seeking to entreaty the last judgement entered connected July 11 that ordered LBRY to wage a civilian punishment and barred it from participating successful unregistered offerings of crypto plus securities successful the future.

“Defendant LBRY, Inc. present appeals to the United States Court of Appeals for the First Circuit this Court’s last judgement entered connected July 11, 2023,” it read.

LBRY has filed a Notice of Appeal against the SEC. pic.twitter.com/Zp9S0TP0Qw

— LBRY (@LBRYcom) September 7, 2023

The SEC archetypal sued developer LBRY, Inc. successful March 2021, claiming that its LBRY Credit token (LBC) was sold arsenic a information nether the 1933 Securities Act.

The U.S. District Court for the District of New Hampshire granted the SEC’s question for summary judgement against LBRY connected Nov. 7, barring the level from offering “unregistered crypto plus securities” and ordering it to wage a $111,614 civilian punishment to the SEC.

The regulator primitively sought a punishment of $22 million, but changed course aft conceding the defunct steadfast couldn’t pay.

In January, LBRY laminitis and CEO Jeremy Kauffman told Cointelegraph that “LBRY arsenic a institution is astir surely dead.”

Following the last judgement successful July, the steadfast seemed to admit the same, tweeting:

“In accordance with the court’s bid and our promises, we expect to walk the adjacent respective months winding LBRY Inc. down entirely.”

Related: Bad quality for Ripple? LBRY justice passes ruling connected if secondary crypto income are securities

However, LBRY’s astir caller determination appears to beryllium a imaginable alteration successful course. It besides comes amid a fig of high-profile crypto manufacture victories against the national regulator, including Ripple and Grayscale.

Cointelegraph contacted LBRY for further comments but had not received a effect astatine the clip of publication.

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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