Content Platform’s Unregistered Digital Asset Sales Draw SEC Eye

Blockchain-based content sharing and publishing platform LBRY Inc. allegedly raised $11 million through an unregistered offering and sale of its “LBRY Credits” digital assets, the SEC told a federal court in New Hampshire.

The LBRY Credits, which the company started distributing in 2016, “were offered and sold as investment contracts and, therefore, securities,” the Securities and Exchange Commission says in a complaint filed in the U.S. District Court for the District of New Hampshire.

The complaint “reflects an outdated view of the economy that stifles innovation, accessibility, and creativity,” LBRY CEO Jeremy Kauffman said in a statement his attorneys provided ...