Blockchain Biz Says SEC Has Overreached In Token Battle

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By Elise Hansen (Could 5, 2022, 8:50 PM EDT) — The U.S. Securities and Trade Fee is trying an “unprecedented overreach” in claiming that blockchain-based publishing platform LBRY’s cryptocurrency gross sales had been an unregistered securities providing, the corporate instructed a New Hampshire federal court docket Thursday.

Either side pushed for a ruling in its favor, with the SEC requesting abstract judgment on Wednesday and LBRY submitting its movement on Thursday. At challenge is LBRY’s sale of its signature cryptocurrency, LBRY Credit, or LBC. The SEC claims the gross sales had been unregistered securities choices, whereas the corporate says that the asset is a “utility token” used to make purchases on its platform.

LBRY payments itself as a…

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