SEC reduces LBRY fine from $22M to $111K, Ripple case takes new turn
The SEC has revised its $22 million penalty against decentralized content platform LBRY, acknowledging that the firm is unlikely to be able to pay the funds. Instead, the SEC has asked for a fine of $111,614 and to stop LBRY from conducting future unregistered offerings of crypto asset securities. The SEC first filed a civil suit against LBRY in March 2021, alleging that the firm’s LBC sales were unregistered securities offerings. The SEC won the case in November 2022, while the preceding Judge also ruled that LBC was a security.