The United States Security Commission (SEC) won its case against blockchain-based file-sharing and payment network LBRY in district court in New Hampshire on Nov. 7 when that court decided to grant an SEC request for summary judgment filed in May. The case garnered lots of commentaries on its own and also in relation to the ongoing Ripple case.
LBRY operates a digital content network. The Odysee video-sharing website is its best-known app. The network uses LBRY Credit (LBC) to reward users for performing tasks, referring new users, contributing to projects and publishing content, according to the LBRY website. LBC can also be mined or purchased.
The case against LBRY
The SEC filed a complaint against LBRY in March 2021, claiming that LBRY was selling an unregistered security.