SEC V. LBRY INC., ANALYSIS
The summary judgment in favor of the SEC was issued on November 7, 2022 and the only issues addressed were whether LBRY did offer its LBC token in violation of securities laws (as an unregistered security without asserting any exemption from registration), and whether they received fair notice that registration with SEC was required prior to the SEC action. The case, as any other such case, hinges on the Howey test, which requires a security to be issued for an in exchange for something of value for a stake in…