Tag: LBRY

New Hampshire Issuer of Crypto Asset Securities That Violated Registration Requirements Enjoined and Ordered to Pay Penalty

On July 11, 2023, Judge Peter Barbadoro of the United States District Court for the District of New Hampshire ordered LBRY, Inc., a New Hampshire software company that issued crypto asset securities called “LBRY Credits” or “LBC,” to pay a civil penalty of $111,614. The Court also permanently enjoined LBRY from further violations of the registration provisions of the federal…

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SEC Wants to Slash $22M Fine on Crypto Firm LBRY for Violating Securities Law to $111K

The U.S. Securities and Exchange Commission (SEC) wants to revise a $22 million penalty set on crypto startup LBRY to $111,614, according to court documents from Friday. The regulator cited LBRY’s “lack of funds and near-defunct status,” as reasons for withdrawing its previous request for fine. In March last year, the SEC sued LBRY on allegations that the sale of…

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The 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 the country over more than…

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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, the court held that the…

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