The U.S. Securities and Exchange Commission has filed a lawsuit against New Hampshire-based crypto startup LBRY Inc., accusing the company of selling unregistered securities in the form of its token.
LBRY operates a decentralized content publishing platform. According to the company, the firm’s in-house tokens, dubbed LBRY Credits, are used as part of the platform to publish and buy content.
The SEC’s lawsuit contends that LBRY Credits are securities and that the firm’s sale of these credits constituted an unregistered offering to investors.
