The US Securities and Exchange Commission (SEC) has just filed a lawsuit against decentralized content publishing platform LBRY.
According to it, the regulator has accused the company of conducting "a multimillion-dollar sale of unregistered securities to investors."
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Per the court document, since July 2016, LBRY has offered digital assets to "numerous investors," including US residents.
The SEC also claims LBRY "has received more than $11 million in US dollars, Bitcoins and services from purchasers who participated in this offering."
The regulator claims LBRY has teamed up with a cryptocurrency market maker that has acted as an intermediary in the purchase and sale of LBC tokens.
The platform's team has called the SEC's allegations a threat to the crypto sector and claims the LBC tokens are not securities.
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