The SEC has requested a court to reduce a $22 million penalty against decentralized publishing platform LBRY, now proposing a lower penalty of $111,614 due to the firm’s financial situation. Despite the regulators’ concession, the legal battle between LBRY and the SEC could set a dangerous precedent for the crypto industry, potentially affecting major cryptocurrencies in the US.
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SEC’s Revised LBRY Penalty: Impact on Crypto Regulations and Startup Risks
The SEC reduced its penalty on crypto startup LBRY from $22 million to $111,614 amid questions about regulatory roles and penalty determination in the growing crypto industry. This highlights the importance of defining securities and finding middle ground between innovation and regulation.
SEC Reduces LBRY Fine, Impact on Crypto Regulation and Future Innovation
The SEC reduced its fine against blockchain content-sharing platform LBRY from $22 million to $111,614, acknowledging its financial struggles. Previously, LBRY was accused of offering unregistered LBRY Credit tokens (LBC). The case highlights the need for fair and efficient regulations, balancing investor protection and innovation in the crypto industry.