LBRY Inc. has lost the case against the Securities and Exchange Commission.
The company has publicized the news with a published copy of the order.
LBRY announced the news by posting on Twitter which says “We lost. Sorry, everyone. We are going to lick our wounds for some time but we are not dropping one’s bundle.”
We’re going to lick our wounds for a little bit but we’re not giving up.
We’ve got a bright team, tens of millions of pieces of content, hundreds of thousands of creators, and one of the most popular web3 apps in the world.
The best is yet to come
— LBRY (@LBRYcom) November 7, 2022
As per the order’s note, the SEC debated in its complaint that LBRY gave and sold unlisted securities bootlegging Section 5 of the Securities Act of 1933. However, LBRY doesn’t trust it is selling securities and retorted that its LBC token works as a digital currency that is a necessary part of the LBRY Blockchain.
Regarding the order, LBRY posted on Twitter, writing that, “t
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