According to the complaint filed by the SEC on March 29, LBRY is alleged to have offered and sold millions worth of unregistered securities through LBRY Credit tokens since 2016. The company has disputed the SEC’s accusations, as they state their tokens are utility-focused and not for speculation.
In today’s newsletter, ominous titled “Don’t let them kill crypto,” Greenspan asserts that if the SEC’s lawsuit against LBRY is successful, it will have dramatic consequences:
“Should the court side against LBRY, it would literally put the future of all cryptocurrencies, including Bitcoin and Ether, in question.”
Greenspan notes that the U.S has fallen far behind on crypto regulation and warns this case could set a precedent of classifying “multifaceted programmable money” as securities.
“Judges generally take their guidance from previous rulings on similar cases, so a negative ruling