A U.S. court has ruled in favor of the Securities and Exchange Commission (SEC) in its case against LBRY, as it ruled that the blockchain network offered its LBC token to investors as a security.
We lost. Sorry everyone.
— LBRY (@LBRYcom) November 7, 2022
According to the Nov. 7 judgment, Judge Paul J. Barbadoro ruled that the evidence presented before the court showed that the network promoted LBC as an investment and that its value would grow through the company’s development of the LBRY Network.
“By intertwining LBRY’s financial fate with the commercial success of LBC, LBRY made it obvious to its investors that it would work diligently to develop the Network so that LBC would increase in value.”
The Judge continued that LBRY could not argue that it did not receive a fair notice from the SEC because the commission had based its enforcement action on a Supreme Court precedent that has been widely applied for more than 70 years.
However, Judge Barbadoro noted that this migh
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