On October 27, 2023, Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce voiced her dissent regarding the commission’s litigation against blockchain firm LBRY, Inc. (“LBRY”). This litigation emerged from the SEC’s enforcement action initiated in March 2021, accusing LBRY of conducting an unregistered securities offering through its token sales. The federal district court ruled in November 2022 affirming the SEC’s position that LBRY’s tokens were indeed securities. LBRY sought to challenge this verdict but later withdrew its appeal in October 2023, deciding instead to cease operations due to accumulating legal costs.
Commissioner Peirce finds the LBRY case particularly disconcerting among …
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