The victory of the case was again on the side of the Securities and Exchange Commission of the United States (US) (SEC) when they successfully established the LBC crypto token as a security after previously being denied by the LBRY.
It is clarified that LBC tokens are issued by LBRY, a decentralized video sharing platform that allows viewers to earn from video viewing and creators to earn LBC tokens on the Odysee platform.
Further comment from the following statement, LBRY was subjected to a lawsuit by the SEC in March 2021 for allegedly violating the law when making the sale of the digital asset similar to the Ripple (XRP) situation.
Nevertheless, LBRY expressed dissatisfaction by saying the SEC violated the company's rights by not stating a notice that could prove the sale of the digital asset was subject to security laws.
The opposite happened when the SEC confirmed the matter and resulted in the LBRY company apologizing to its users for the sudden decision issued.
According to regulators, LBRY collected $11 million worth of crypto and cash from investors between 2016 and 2021 that were considered investment contracts even though the company did not hold any ICOs.
Meanwhile, SEC chairman Gary Gensler who stated that crypto is a decentralized market will result in the digital asset being considered a safe investment.
In fact, the case of Ripple which is most likely to meet its end in mid-2023 will cause crypto innovation in the US to collapse if the problem is not resolved as soon as possible.
In the meantime, Ripple is currently receiving support from companies including Coinbase Inc, Valhil Capital, I-Remit, Spend The Bits, Tapjets, Investor's Choice Advisory Network (ICAN), Veri DAO, and John Deaton on behalf of more than 75,000 investors. XRP.
