#lbry

Legal expert and cryptocurrency advocate John Deaton has accused the SEC of overstepping and abusing its authority in the case of LBRY, which led to the blockchain company's bankruptcy.

Facing a court decision that sided with the SEC's classification of LBRY Credits tokens as securities, the crypto startup LBRY is poised to appeal. Taking a leaf out of Ripple's book, they're looking to challenge the $111,614 fine and the bar on issuing tokens.

The creators of the LBRY blockchain, have released their final message to the crypto community, declaring their inability to continue due to “several million dollars” in debts.