If I understand correctly, the SEC (securities and exchange commission) believes it has the right to declare anything that is exchanged for money a "security", the selling of which requires a special license from them.
Currently they're going after LBRY, which I've never used but it sounds like they are the "easy target", the weakest kid on the playground that the bully is automatically going to go after.
Is that correct?
This is all very dubious since the SEC is the same entity that almost never prosecutes Wall Street's criminal activities.