The SEC filed suit in 2022 alleging the blockchain-based file-sharing network had violated federal securities laws with the sale of its native LBRY credits (LBC), which the firm maintained were not securities. A New Hampshire judge ruled in favor of the SEC in November and the final ruling was filed on July 11. Following the ruling, LBRY said it would shut down.
Source: https://www.coindesk.com/business/2023/09/08/crypto-firm-lbry-to-challenge-ruling-it-violated-us-securities-law/?utm_medium=referral&utm_source=rss&utm_campaign=headlines