The file-sharing network LBRY has appealed against the SEC's allegations of violating securities laws

ChainCatcher news, according to a legal document shared by former U.S. federal prosecutor James K. Filan on the X platform, the blockchain-based file-sharing network LBRY has issued a notice of appeal and plans to appeal to the U.S. Court of Appeals for the First Circuit regarding the SEC's allegations of violating securities laws.

Previously, a judge in New Hampshire ruled that LBRY violated securities laws by selling its native LBC tokens without registering with the U.S. Securities and Exchange Commission (SEC). The SEC initially imposed a fine of $22 million, which was later reduced to $111,000.