SEC Wins Lawsuit Against LBRY

The cryprto firm LBRY has lost its a legal battle against the US Securities and Exchange Commission (SEC).

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The regulator filed a lawsuit against the crypto platform over the alleged illegal sales of an unregistered security, its native token LBRY Credits (LBC).

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After Ripple versus SEC battle, SEC vs LBRY is one among the most important legal battle for the crypto industry.

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LBRY’s legal representation failed to display sufficient proof to reject the SEC’s accusations.

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LBRY argued that its native token, LBC, was created for utility, not financial purposes.

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The crypto platform also claimed that it never operated as a security.

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LBRY versus SEC cases began in 2021, a few months after the Ripple lawsuit.

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