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[Yugocean]

SEC Commissioner Hester Pierce admits the lawsuit against blockchain-based file-sharing and payments network LBRY was unfair.

The SEC, led by Gary Gensler, charged LBRY in July with violating Section 5 of the Securities Act of 1933. The case went in favour of the SEC, and LBRY was closed due to the burden of fines and regulatory pressure.

After Hester Pierce's post, this issue has arisen again in the crypto world.

 

[IB DD]

What is the essence of the regret by the SEC. They want to be antagonistic against crypto and crack down on the crypto industry. They should be proud that they have killed a promising American company that drove innovation to help boost the economy. This regret now won't bring back LBRY.

 

[BaleegNajar]

SEC Commissioner Hester Pierce's acknowledgment of unfairness in the lawsuit against LBRY sheds light on concerns within the crypto community. The regulatory scrutiny and fines leading to LBRY's closure highlight the ongoing challenges and debates surrounding blockchain-based projects and their regulatory treatment.

 

[IB DD]

The SEC used the Howey Test on LBRY and filed this case against them. They completely forgot that the Howey Test didn't accommodate the nature of cryptocurrency investments to determine if it's a security or not. They had to withdraw the case because it was clear that they were going to lose that one.

 

[Wisdom01]

the lawsuit was actually a big problem to many , although I believe sec should have actually put in place some important factors by now to make sure that the suit is finally over at the end of the day I think

 

[GoldenLady]

I do remember researching this project and finding it very useful for seeking and storing knowledge. This type of news shows that even if a project is built to legitimately solve real-life problems, it will have problems with the SEC just because it's cryptocurrency based.

 

[Wisdom01]

i noticed that sec have been placing emphasis more on cryptocurrency project , only that they need to be running proper analysis before making any assumption and many other concept

 

[Gamer01]

Well the company was going strong at one time and its token was about at 15 cents when the law suit had started and it went to 002$ with the lawsuit in final place and if the currency or coin was finished who does pays for people that has invested in it with trust actually .

 

[BullyMaguire]

i think most of the lawsuit that the US SEC has charged anyone is unfair.. why? because they don't have a proper guidelines on which and what can be considered a security. it's like their trying to hit a target by using a lot of arrows in a flock of chickens hoping one would hit eventually