LBRY Inc. has filed Notice of Appeal against a US District Court ruling that deemed its native token, LBRY Credits (LBC), unregistered security
The appeal, dated Sept. 7, comes after the SEC recently sought to reduce a $22 million fine on LBRY to just $111,614, citing the company's financial constraints.The most recent development is being closely watched by supporters of Ripple, another blockchain company that has been embroiled in a similar legal battle with the SEC.
The SEC's victory over LBRY in July was seen as a significant setback for Ripple and its cryptocurrency,Both companies were sued by the SEC for allegedly selling unregistered securities, with Ripple facing its lawsuit just months before LBRY.managed to score a partial win against the SEC, with secondary sales of its XRP token not being recognized as securities. This nuanced outcome may have influenced LBRY's decision to appeal.
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