LBRY Fights Back Against SEC: Files Notice of Appeal

Previously assumed dead, in accordance with comments from founder Jeremy Kauffman, content sharing network, LBRY, has filed a notice of appeal against the previous court ruling that the organization should pay a civil penalty, having violated the 1933 securities act, according to the SEC.

The SEC first attempted to sue the company in March 2021. However, the ruling, which did not emerge until some time later, ordered LBRY to pay a civil penalty of more than $111,000. This was a step down from the SEC’s original demand for $22 million to be paid, diminished after it became clear the company was unable to pay.

Now, however, LBRY has reversed on its July decision to “spend the next several months winding LBRY Inc. down entirely”, and is looking to have the final verdict of the case overturned.

It does not seem controversial to assert that LBRY’s u-turn may have been triggered by a renewed confidence, stemming from recent legal victories seen by cryptocurrency companies over the US regulator, which is now largely disliked by the cryptocurrency community.