SECdecentralized content platform LBRYRevised the $22 million fine against .
United States Securities and Exchange Commission(SEC) admitted that the bankrupt company would not be able to pay the $22 million fine. New Hampshire District CourtIn a May 12 filing in ., the SEC requested a change in its request for resolution of its lawsuit against LBRY.
SEC: LBC Sale Must Be Stopped
SEC, LBRY LBRY Credits (LBC)Instead of demanding the $22 million he claimed to have earned from the sale of the token, he demanded that the fine be reduced to $111,614, citing LBRY’s lack of funds and bankruptcy.
In addition, the regulator also wants LBRY to stop unregistered sales of crypto-asset securities in the future. In its report to the court, the SEC said: “The Commission accepts the statements that LBRY has been dissolved, ceased operations and has no funds to pay a larger fine, and acknowledges that this is a factor affecting its solvency.”
The US regulator first filed a civil lawsuit against LBRY in March 2021, claiming the firm’s LBC sales were unregistered securities. The lawsuit ordered LBRY to pay $22 million in damages and to cease sales of LBC.
While the SEC won the case in November 2022, so did the previous judge. LBC He decided that it was a security. In a December filing, LBRY claimed that the SEC’s $22 million claim was grossly exaggerated and the fee was unreasonable.
LBRY said the SEC’s calculation of the amount was crude and not supported by the records.
