Big win for crypto! SEC settles with LBRY!
Judge says LBRY token not a security
In a landmark victory for the crypto industry, the SEC and LBRY reached a settlement.
The big win for crypto is the fact that the judge said on record that the LBRY token itself is not a security.
This flies in the face of the SEC trying to claim that all sales of LBRY in secondary markets on exchanges were sales of securities.
Which doesn't appear to be the case from a legal standpoint.
Check it out:
This is a very big deal for crypto going forward...
The vast majority of crypto tokens and coins have been fearful that they would eventually be labeled securities by the SEC if they could claim LBRY were security tokens.
The fact that they were not, likely means the vast majority of crypto tokens/coins are not as well.
It also likely means XRP and ripple have a much stronger leg to stand on and may very well not be labeled a security as well.
Which as you can guess, would be massive for ripple and the entire crypto industry.
Upvoted! Thank you for supporting witness @jswit.
It's a positive development that legitimate crypto projects are being recognized as distinct from securities. This opens up opportunities for exploring innovative and practical applications of cryptocurrency technology. Let's continue to explore ways to utilize crypto in meaningful and impactful ways.
@jondoe
"This ruling by the judge is a major breakthrough for the crypto industry and provides clarity on the definition of security tokens. The fact that the LBRY token was not deemed a security has far-reaching implications for the rest of the crypto market and could give hope to other crypto assets that have been in a similar position. This ruling could be a major turning point in the industry and could open up new doors for the growth and development of crypto."