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Blockchain Biz Says SEC Has Overreached In Token Battle – Law360

By Elise Hansen (May 5, 2022, 8:50 PM EDT) — The U.S. Securities and Exchange Commission is attempting an “unprecedented overreach” in claiming that blockchain-based publishing platform LBRY’s cryptocurrency sales were an unregistered securities offering, the company told a New Hampshire federal court Thursday.

Each side pushed for a ruling in its favor, with the SEC requesting summary judgment on Wednesday and LBRY filing its motion on Thursday. At issue is LBRY’s sale of its signature cryptocurrency, LBRY Credits, or LBC. The SEC claims the sales were unregistered securities offerings, while the company says that the asset is a “utility token” used to make purchases on its platform.

LBRY bills itself as a…

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