Sign Up on MEXC
Crypto Market News: In the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to revise the penalty on LBRY, the crypto startup commented on the agency’s dual narrative around LBR being a security. In recent court filings, the US SEC cited LBRY’s “inability to pay” the $22 million penalty as the reason behind revising it to $111,614. In fact, the Commission stated LBRY lacked funds and that it was in a near defunct status. The penalty was levied as part of the lawsuit filed by the SEC over the sale of LBRY’s LBC alleged violation of the US securities laws.
Also Read: OpenAI CEO Altman Testifies Before US Congress, What It Means For Crypto
Meanwhile, LBRY responded to the SEC’s emphasis on LBC being a security. The company referred to the SEC’s comments about its staff statements on the securities law.
LBRY Refers To SEC’s Coinbase Filing
In a recent development, the SEC asked the judge to deny Coinbase’s request to compel the agency to respond to a rulemaking petition. The request essentially sought clarity about how securities laws apply to the crypto market. Gary Gensler, the SEC Chair, has been facing criticism for his stance that a majority of the crypto assets are securities as per existing rules. However, the SEC denied the request to clarify about the same. LBRY’s latest statement is targeted at the same dual approach by the SEC:
“The SEC repeatedly cited a single sentence from an unpaid volunteer moderator in our community chat as evidence that LBC was a security.
Meanwhile, the SEC argues in Coinbase filing that even statements from senior staff of the SEC about securities law don’t mean anything.”
Meanwhile, Gensler has also been facing the heat from lawmakers over the lack of clarity in the crypto market.
Also Read: Here’s Why Memorial Day Could Mark Change In Bitcoin Trader Sentiment
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
