Odaily Planet Daily News According to a legal document shared by former U.S. federal prosecutor James K. The case was appealed to the U.S. Court of Appeals for the First Circuit.
According to previous news, in March 2021, the SEC filed a lawsuit against LBRY, accusing it of violating securities laws by selling its LBC tokens; in November 2022, a U.S. judge ruled in favor of the SEC in this case; Acknowledging that the sale of LBRY's native token LBC on the secondary market does not constitute a securities transaction. In addition, the judge stated that its injunction does not apply to secondary market sales; in May of this year, the SEC applied to the court to change the $22 million fine against LBRY to approximately $110,000.