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Court Rules in Favor of SEC in LBRY Enforcement Action | Insights | Skadden, Arps, Slate, Meagher & Flom LLP

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On November 7, 2022, Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire issued an order in SEC v. LBRY, Inc., granting the SEC’s motion for summary judgment against LBRY Inc. (LBRY). The court found that LBRY offered its digital asset, called LBC tokens, as a security in violation of Section 5 of the Securities Act of 1933 (Securities Act). The ruling comes about a year and a half after the SEC brought its enforcement action against LBRY and marks the SEC’s latest summary judgment win in the digital asset space.1 It also demonstrates a willingness by courts to adopt the SEC’s interpretation of various prongs of the Howey analysis.2 LBRY is self-described as the “first decentralized, open-source, fully encrypted content distribution service built using the same blockchain technology that underlies Bitcoin.” In 2016, the company launched the LBRY Network as a decentralized platform for publishing and consuming content. As part of the launch, LBRY issued LBC

On November 7, 2022, Judge Paul Barbadoro of the U.S. District Court for the District of New Hampshire issued an order in SEC v. LBRY , Inc., granting the SEC's motion for summary judgment against LBRY Inc. (LBRY). The court found that LBRY offered its digital asset, called LBC tokens, as a security in violation of Section 5 of the Securities Act of 1933 (Securities Act). The ruling comes about a year and a half after the SEC brought its enforcement action against LBRY and marks the SEC's latest summary judgment win in the digital asset space. 1 It also demonstrates a willingness by courts to

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