In a surprising request filed recently, the SEC asked that the court of New Hampshire downsize the penalties imposed on LBRY, a decentralized content platform best known for its video-sharing platform Odysee.
Legitimate Business Expenses Taken Into Account
Back in November of 2022, the New Hampshire District Court ordered LBRY to pay $22 million to the SEC, ruling that the latter’s token LBC was an unregistered security due to passing the Howey test.
“The SEC has based its claim on a straightforward application of a venerable Supreme Court precedent that has been applied […] across the country over more than 70 years.
The SEC identifies multiple statements by LBRY that it claims led potential investors to reasonably expect that LBC would grow in value [..]. LBRY minimizes the significance of these statements and points to its many disclaimers that it did not intend for LBC to be purchased as an investment, but the SEC is correct.”
At the time, LBRY opposed the ruling, stating t
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