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Lbry

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cryptocurrency-regulation2 years ago•7 min saved

SEC Commissioner Hester Peirce Defends LBRY in XRP Lawsuit

A commissioner of the U.S. Securities and Exchange Commission (SEC) has expressed dissent over the agency's enforcement actions against LBRY, Inc. The commissioner argues that the case against LBRY, which involved the sale of unregistered securities, was misguided and disproportionate. LBRY had built a functioning blockchain with a real-world application, and its approach was more conservative than many other projects. The commissioner questions why the SEC targeted LBRY instead of outright fraudulent projects and suggests that the agency's enforcement-driven approach stifles innovation and discourages experimentation with blockchain technology. The commissioner also highlights the lack of clarity in applying securities laws to token projects and calls for a workable regulatory framework that companies like LBRY could have followed.

via SEC.gov|

#blockchain #crypto-enforcement #cryptocurrency-regulation

cryptocurrency2 years ago•3 min saved

SEC Drops XRP Case and LBRY Shutdown, Ripple Executives Cleared of Allegations in Stunning Turn of Events

The community has reacted to the recent developments in the legal battles involving Ripple and LBRY. The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, marking a significant win for Ripple. However, LBRY, a blockchain file-sharing and payment network, announced the termination of its operations due to debts owed to the SEC and other parties. The community expressed concern over the damage caused by the SEC to the crypto industry and highlighted the difference in outcomes between Ripple and LBRY, with Ripple's financial resources allowing them to fight the SEC. Despite the win, Ripple's litigation with the SEC is not over, as further litigation is expected regarding the appropriate penalty for Ripple's institutional sales of XRP.

via Cointelegraph|

#cryptocurrency #lbry #legal-battle

crypto-regulation2 years ago•2 min saved

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.

via CoinDesk|

#crypto-regulation #crypto-startup #lbry

cryptocurrency2 years ago•2 min saved

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.

via Cointelegraph|

#civil-penalty #cryptocurrency #lbc