LBRY Files Motion To Limit the Remedies the SEC Can Seek

LBRY Files Motion To Limit the Remedies the SEC Can Seek

• LBRY has filed a Motion to Limit the Remedies the SEC can seek against the company.
• The payment company failed to register its offer and sale of digital tokens in violation of Section 5 of the Securities Act.
• LBRY in its defense further argued that the SEC did not give “fair notice” that LBC is subject to the Securities Laws.

Blockchain-based payment network, LBRY, has filed a Motion to Limit the Remedies the U.S. Securities and Exchange Commission (SEC) can seek against the company. The SEC argued that LBRY’s token, LBC, is an unregistered security. LBC, according to LBRY, is not a security but rather a crucial part of the blockchain.

Defense Lawyer, James K. Filan, shared that LBRY made a move after the court granted the SEC’s Motion for Summary Judgment.

#XRPCommunity #SECGov v.

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