SEC Claims Blockchain Platform Sold Unregistered Credits

Law360 (March 30, 2021, 6:09 PM EDT) — A New Hampshire blockchain company faces a federal enforcement action alleging the digital credits it sells are unregistered and that the company has failed to inform investors about the company or the growth of their investments.

The U.S. Securities and Exchange Commission claims in its Monday complaint that for nearly five years, LBRY Inc. has violated securities registration provisions of federal law by offering its LBRY credits to investors without registering the credits with the SEC — though the company’s chief executive gave a spirited defense of the model, arguing that the digital credits aren’t securities and didn’t need to be…

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