The SEC wants the Judge to issue a broad, vague injunction against the sale of the LBRY token in which the token itself becomes the security. As I understand it, if the Judge agrees then this would still be non binding but will embolden the SEC to go after every token it can get it hands on and ruin it. If you think this is madness then you're right because in essence what the SEC is trying to do is say that oranges are a security in the HOWEY test which of course they are not but want to apply that logic to crypto tokens and deem almost all of them securities.
https://twitter.com/attorneyjeremy1/status/1620096736751669249?cxt=HHwWgsDS_b_Z3vssAAAA
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