Securities & Exchange Commission v. LBRY Foundation Inc., No. 21-1618 (1st Cir. 2022)
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The First Circuit affirmed the judgment of the district court denying a motion to intervene filed by LBRY Foundation Inc. (Foundation) in a Securities and Exchange Commission (SEC) civil enforcement action against LBRY, Inc. (LBRY), holding that the district court did not abuse its discretion.
The SEC brought his complaint alleging that LBRY failed to register as investment contracts under section 5 of the Securities Act, 15 U.S.C. 77e, LBRY Credits (LBC), an offering of digital assets. Foundation, whose assets consisted of grants of LBRY, moved to intervene, seeking to contest the SEC's enforcement action with alternative legal arguments than those given by LBRY. The district court denied the motion. The First Circuit affirmed, holding that Foundation was not entitled to intervene as of right.
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