SEC wins LBRY token lawsuit

On Monday, the New Hampshire District Court classified the LBC coin as a security. The decision fell in favor of the US Securities and Exchange Commission (SEC), which had indicted LBRY in March 2021. LBRY is a project that wants to offer a decentralized, open source alternative to YouTube and Co.

The reason for the lawsuit was the issuance of the company's own token LBC, which the SEC classifies as a security token. Because the sale of securities has to be registered with and approved by the SEC and this has not been done, the authority initiated legal action. The court now ruled in favor of the SEC.

Among other things, the court justified its judgment by pointing out that nothing in American case law indicates that a token that is used both consumptively (i.e. consuming) and speculatively cannot be sold as an investment contract (page 17).

SEC vs. LBRY: A regulatory step backwards?

The judgment was accordingly perceived by LBRY.Inc and the crypto scene as a regulatory step backwards:

The court's decision is also important as a possible indicator in the SEC's lawsuit against Ripple. As the issuer of one of the largest coins, Brad Garlinghouse-led Ripple is also in litigation with the SEC. Ripple is also accused of selling securities without permission. The Ripple trial is of particular interest as it could set the precedent for future decisions regarding the legal classification of blockchain tokens as securities.

Ripple got a tailwind in the process in September, mainly through the delivery of the so-called “ Hinman files ”.

However, the decision from New Hampshire should at least have dampened the optimism of Ripple over the past few weeks.

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