{"id":84200,"date":"2023-09-08T15:18:39","date_gmt":"2023-09-08T12:18:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=84200"},"modified":"2025-09-12T15:54:48","modified_gmt":"2025-09-12T12:54:48","slug":"lbry-to-resume-legal-battle-with-the-sec","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/lbry-to-resume-legal-battle-with-the-sec\/","title":{"rendered":"LBRY to Resume Legal Battle with the SEC"},"content":{"rendered":"<p>Blockchain startup LBRY filed a Notice of Appeal in the U.S. District Court for the District of New Hampshire against a ruling dated July 11, 2023.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">LBRY has filed a Notice of Appeal against the SEC. <a href=\"https:\/\/t.co\/Zp9S0TP0Qw\">pic.twitter.com\/Zp9S0TP0Qw<\/a><\/p>\n<p>\u2014 LBRY ? (@LBRYcom) <a href=\"https:\/\/twitter.com\/LBRYcom\/status\/1699874353213559145?ref_src=twsrc%5Etfw\">September 7, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In March 2021, the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-blockchain-startup-lbry\">filed suit<\/a> against a decentralised content-publishing platform. The regulator accused LBRY of selling unregistered securities in the form of the LBC token in an <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-an-ico-and-can-you-profit-from-it\">ICO<\/a> worth $11 million.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/lbry-ceo-says-the-sec-aims-to-undermine-the-industry\">According to the startup&#8217;s CEO, Jeremy Kaufman<\/a>, the agency has clearly demonstrated that it intends to &#8220;harm or destroy the cryptocurrency industry in the United States&#8221;.<\/p>\n<p>In November, a court <a href=\"https:\/\/u1f987.com\/en\/news\/court-rules-lbrys-tokens-are-securities\">granted<\/a> the SEC&#8217;s suit against LBRY. Later the Commission <a href=\"https:\/\/u1f987.com\/en\/news\/sec-lowers-lbrys-civil-penalty-from-22-million-to-111614\">requested<\/a> to reduce the civil penalty from $22 million to $111,614, explaining that the project would be unable to pay the initial demand due to &#8220;a lack of funds&#8221; and a &#8220;near-cessation of business&#8221; status.<\/p>\n<p>Some experts drew parallels with the Ripple case. For instance, lawyer and adjunct professor of law Andrew Rossow <a href=\"https:\/\/decrypt.co\/113754\/lbry-loses-sec-case-dangerous-precedent-crypto\">stated<\/a> that the verdict in the LBRY case could set a precedent for fintech firms.<\/p>\n<p>The SEC and Ripple have been engaged in litigation since 2020. The Commission charged the firm with an unregistered sale of securities in the form of XRP totalling $1.3 billion.<\/p>\n<p>However, in July 2023, the U.S. District Court for the Southern District of New York found that programmatic sales and other distributions of the token did not constitute offers or sales of investment contracts. Following this, the SEC filed an appeal.<\/p>\n<p>In August, the regulator lost a second case against crypto-industry participants \u2014 the court <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-surpasses-27500-after-court-ruling-in-grayscales-favour\">granted<\/a> Grayscale Investments\u2019 motion to convert the company\u2019s <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> into an <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>, despite the Commission&#8217;s position.<\/p>\n<p>Earlier, U.S. Representative Warren Davidson <a href=\"https:\/\/u1f987.com\/en\/news\/congress-proposes-to-oust-sec-chair-after-court-ruling-on-bitcoin-etf\">called for<\/a> Gary Gensler&#8217;s removal as chair of the agency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain startup LBRY has filed a Notice of Appeal in the U.S. District Court for the District of New Hampshire against a ruling dated July 11, 2023.<\/p>\n","protected":false},"author":1,"featured_media":84201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,128,26],"class_list":["post-84200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=84200"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84200\/revisions"}],"predecessor-version":[{"id":84202,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/84200\/revisions\/84202"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/84201"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=84200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=84200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=84200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}