Crypto Regulation News

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SEC proposes reducing LBRY's $22M fine to $111K.

The SEC has requested to reduce the $22 million penalty on crypto startup LBRY to $111,614, citing the company's "lack of funds and near-defunct status." The SEC had previously sued LBRY for violating securities laws by selling its native LBRY credits (LBC) without registering with the SEC. LBRY's founder has argued that this case could impact the wider crypto industry as the company maintained that LBC was not a security. The SEC's request also argued that LBRY should be "enjoined" until it dissolves the company and burns LBC tokens.

2 years ago•Source: CoinDesk

2.285 min•2 years ago

Terra Co-Founder Do Kwon Fights SEC Charges and South Korean Indictment.

Lawyers for Do Kwon, founder of collapsed crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the Securities and Exchange Commission partly because of the lack of jurisdiction. Kwon was arrested in Montenegro last month for attempting to travel with falsified documents. Following his arrest, the SEC charged the South Korean national with securities fraud. The SEC failed to prove "personal jurisdiction" as products referenced by the regulator were "available to the world and not directed at U.S. persons," a 47-page supporting document for a motion to dismiss the charges said.

via CoinDesk

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SEC proposes reducing LBRY's $22M fine to $111K.

Terra Co-Founder Do Kwon Fights SEC Charges and South Korean Indictment.

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