After a 3yr investigation, the U.S. Securities and Exchange Commission (SEC) is suing LBRY over selling tokens as they’ve deemed them “securities” or “investment contracts”. If the lawsuit holds, the decision will apply to most blockchain tokens, not just LBRY and would impact U.S. residents selling these tokens.
After reading the SEC complaint, I’m not actually convinced LBRY, Inc. is in the right.
The SEC seems to understand what a blockchain is, counter to the marquee complaint on LBRY’s website, and they raise some interesting points about the hoarding, selling, and distribution of LBC and the negligible use of LBC on LBRY.
I understand crypto and blockchain are two darling technologies but the SEC suit is about how LBRY, Inc. used the tokens and not about the technology behind the tokens.
I don’t have faith in this community to objectively discuss this topic as the Telegram group’s discussion quickly developed into how “laws are slavery” and “it’s nobody’s business but the consenting parties” and other arguments outside the system in which we participate.