LBRY CEO Jeremy Kauffman called out the Securities and Exchange Commission at Messari’s Mainnet, as the file-sharing network faces scrutiny from the regulator.
The SEC charged LBRY with selling unregistered securities in March of last year. The Commission took issue with over $11 million in funding raised through the sale of LBRY Credits, which are now used to upload files and make payments on the blockchain-based platform but were offered for sale before the network was built.
That led the SEC to view LBRY Credits as investment contracts, based on the notion that people assumed they would increase in value after purchasing the tokens.
Kauffman said the company has been “fighting” the SEC for nearly five years and soon expects a federal judge to weigh in with a ruling on whether a full trial is necessary.
The verdict will have far-reaching implications for other companies as well, according to him, setting some level of precedent for companies that have raised money for their...
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