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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInThe SEC Scored Another Crypto Victory in the LBRY Case, but the Sky Is Not Falling | Paul Hastings LLP
Rejection of the Fair Notice Defense. Judge Barbadoro resoundingly rejected LBRY’s complaint that the SEC had not provided adequate notice that (at least certain) tokens are securities. He found that the SEC’s claims were based on a “straightforward application of a venerable Supreme Court precedent that has been applied by hundreds of federal courts across […]
SEC Wins Motion for Summary Judgement In SEC v. LBRY
Finally, the court dispensed with LBRY’s argument that it had been deprived of “fair notice” that its offerings were subject to the securities laws. In rejecting LBRY’s contention that the SEC’s suit constituted a “substantial change in its enforcement policy that was not reasonably communicated to the public” because LBRY did not conduct an ICO, […]
LBRY Token Ruling Gives SEC Ammunition in Crypto Enforcement
The SEC has ramped up enforcement action in the crypto space. In May, the agency nearly doubled the size of its Crypto Assets and Cyber Unit to 50 positions, the SEC said. Barbadoro’s ruling will bolster the agency’s confidence, and give it impetus to push the boundaries of its authority, attorneys said. The ruling can […]
SEC wins suit against LBRY in major blow to crypto token issuance
The Securities and Exchange Commission has prevailed in a courtroom battle with decentralized publishing platform LBRY after arguing that its token was subject to regulatory oversight. The court found that LBRY’s LBC token was an investment contract, even though the project did not sell it via an initial coin offering, or ICO. The project began […]