SEC wins crypto case with facts similar to Ripple XRP

http://www.blockchaincounsel.io

LBRY, a blockchain-based content-sharing platform, sold a digital token called LBRY credits, which could be used to purchase or access content on the platform. The SEC alleged that LBRY sold these tokens without first registering them as securities, and that LBRY made misleading statements about the use of the tokens. LBRY has agreed to settle the charges and will pay the penalty, but has not admitted to any wrongdoing. This is the latest in a string of actions taken by the SEC against crypto companies that are selling unregistered securities. The SEC has already obtained summary judgment against two other companies, and is currently litigating against several others. It is clear that the SEC is taking a tough stance on this issue, and companies that are selling digital tokens should be very careful to ensure that they are in compliance with securities laws.