LBRY's defense is basically that the SEC doesn't understand the LBRY token, its unit of crypto-whatever, thinking that it's solely an investment tool.
source https://www.google.com/url?rct=j&sa=t&url=https://granitegeek.concordmonitor.com/2021/03/30/feds-fight-nhs-lbry-over-whether-its-crypto-is-a-security/&ct=ga&cd=CAIyGjBkZWE0Yjc3NzNlM2I2MDQ6Y29tOmVuOlVT&usg=AFQjCNEnwes1JZuMD4wVZ1_hDFyRHUwOsw
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