{"id":8783,"date":"2023-05-15T05:15:09","date_gmt":"2023-05-15T09:15:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/lbrys-22-million-sec-fine-reduced-to-111k-due-to-payment-concerns-whats-going-on\/"},"modified":"2023-05-15T05:15:09","modified_gmt":"2023-05-15T09:15:09","slug":"lbrys-22-million-sec-fine-reduced-to-111k-due-to-payment-concerns-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=8783","title":{"rendered":"LBRY’s $22 Million SEC Fine Reduced to $111K Due to Payment Concerns \u2013\u00a0What’s Going On?"},"content":{"rendered":"
\n

The US Securities and Exchange Commission (SEC) aims to reduce its $22 million punishment against decentralized content platform LBRY to around $111,000.<\/p>\n

The commission submitted a\u00a0request for amendments\u00a0to the New Hampshire District Court on Friday, claiming that the platform is not likely to be able to shell out the million-dollar penalty.\u00a0<\/p>\n

Instead of the initial $22 million, the SEC has asked the court to impose a fine of $111,614, citing LBRY\u2019s \u201clack of funds and near-defunct status.\u201d<\/p>\n

\n

\u201cThe Commission acknowledges LBRY\u2019s representations that it is defunct, ceasing operations, and without the funds to pay a larger fine, and recognizes that a defendant\u2019s ability to pay is a factor when imposing a civil penalty.”<\/p>\n<\/blockquote>\n

The agency also asked LBRY to stop \u201cconducting future unregistered offerings of crypto asset securities.\u201d<\/p>\n

The US regulator filed a civil lawsuit against LBRY in March 2021, alleging that the platform conducted an unregistered sale of its token LBRY Credits (LBC) and gained $22 million in the process.<\/p>\n

In November last year, the SEC\u00a0won the case\u00a0and ruled that LBRY\u2019s token LBC is deemed a security, subject to US securities laws.\u00a0<\/p>\n

At the time, the ruling said the blockchain publishing company did not have \u201ca triable defense that it lacked fair notice\u201d from the SEC.<\/p>\n

\u201cBecause no reasonable trier of fact could reject the SEC\u2019s contention that LBRY offered LBC as a security, and LBRY does not have a triable defense that it lacked fair notice, the SEC is entitled to judgment,\u201d the ruling, written by U.S. District Judge Paul J. Barbado, said.<\/p>\n

LBRY, on its side, had argued that the LBC token is not a security, calling it instead \u201ca digital currency that is an essential component of the LBRY Blockchain.\u201d<\/p>\n

LBRY Called SEC’s Ruling Unreasonable<\/h2>\n

Last year, LBRY\u00a0said\u00a0in a filing that the SEC\u2019s request for $22 million wasn\u2019t reasonable, as it was \u201cvastly\u201d overstated and failed to \u201cdeduct any of LBRY\u2019s legitimate business expenses.\u201d<\/p>\n

The blockchain platform claimed the commission miscalculated the sum, saying that its estimation was \u201cbased on rough, back-of-the-envelope math\u201d and the amount it sought was \u201csimply not supported by the record.\u201d<\/p>\n

LBRY also expressed concerns about its financial viability, stating that it is likely to face financial ruin due to mounting legal and SEC debts.\u00a0<\/p>\n

Launched in 2018, LBRY is a decentralized network that seeks to simplify the way content is distributed and accessed by consumers.<\/p>\n

The network\u2019s LBC token has a market capitalization of just $6.6 million, making it a micro-cap token by global standards, according to data from CoinGecko.\u00a0<\/p>\n

The token, currently trading at around $0.0102, hit an all-time high or $1.60 in July 2016.\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The US Securities and Exchange Commission (SEC) aims to reduce its $22 million punishment against decentralized content platform LBRY to around $111,000. The commission submitted a\u00a0request for amendments\u00a0to the New Hampshire District Court on Friday, claiming that the platform is not likely to be able to shell out the million-dollar penalty.\u00a0 Instead of the initial […]<\/p>\n","protected":false},"author":1,"featured_media":8784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-8783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nLBRY's $22 Million SEC Fine Reduced to $111K Due to Payment Concerns \u2013\u00a0What's Going On? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The US Securities and Exchange Commission (SEC) aims to reduce its $22 million punishment against decentralized content platform LBRY to around\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=8783\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LBRY's $22 Million SEC Fine Reduced to $111K Due to Payment Concerns \u2013\u00a0What's Going On? 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