LBRY, a blockchain-based file-sharing and payment network, has filed a notice of appeal against a federal judge’s ruling in favor of the Securities and Exchange Commission (SEC) in July.
The SEC had sued LBRY, Inc. in March 2021, claiming its LBRY Credit token (LBC) was sold as a security under the 1933 Securities Act.
In November, the U.S. District Court for the District of New Hampshire granted the SEC’s motion for summary judgment against LBRY, barring it from offering “unregistered crypto asset securities” and ordering it to pay an $111,614 civil penalty to the SEC.
After the final judgment in July, LBRY indicated it would wind down its operations. However, its decision to appeal the judgment seems to signal a change in course, possibly encouraged by recent victories of other crypto firms against the SEC, such as Ripple and Grayscale.
LBRY has not provided further comments on the matter as of publication time.
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