SEC Files Complaint Against LBRY
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I usually don't do this but I wanted to pass along the message from LBRY with the exact sentiment they shared. The SEC is at it again. So go sign the petition.
Dear LBRY & Odysee Community,
We are reaching out to you today as part of our continued commitment to transparency.
Today, the SEC filed a complaint against LBRY, Inc (the creator of the LBRY blockchain and the video-sharing platform Odysee), alleging that the sale of LBRY Credits by LBRY, Inc constitutes unregistered security offerings.
First and foremost, it is important to know that this complaint is not aimed at you, your LBRY Credits, or the content you create, but rather the status and sale of LBRY Credits by LBRY, Inc.
The SEC’s complaint seeks to stifle innovation, accessibility, and creativity inspired by blockchain companies like LBRY, Inc. The complaint also fails to acknowledge the concerted steps taken by LBRY to comply with the law and to conduct its business in a forthcoming and transparent way. LBRY not only complied with the SEC’s investigation over the past three years, we have produced thousands of documents, provided our executives for testimony, and devoted several thousand hours of team member time to deal with this case - a heavy burden to bear for a startup.
As we will show in our legal defense, the LBRY token is not a security but a commodity. LBRY never engaged in an initial coin offering (ICO), and we never conducted a securities offering. Nonetheless, LBRY has sought to comply with Know Your Customer and anti-money laundering principles despite the fact that the LBRY token is not a security. Unfortunately, under the harsh and impractical standards asserted by the SEC in its complaint, LBRY Credits, and many other blockchain tokens would also be deemed securities, leaving uncertainty and confusion in the industry.
LBRY has operated in good faith and in a highly transparent manner across its operations. We have made extensive efforts to comply with the law, despite the absence of clear guidance by the SEC for this industry. LBRY has worked with legal counsel to ensure our policies maximize safety for the members of our community, including developing the LBRY network and apps, and continually engaged with the LBRY community to provide education and support regarding the use of the LBRY network.
The SEC’s inequitable complaint and the relief it seeks threaten to destroy the blockchain industry as we know it. This case is about more than LBRY: the outcome of this lawsuit will impact the essential viability of a technology that has spurred innovation and creativity and promoted accessibility to the public at large.
We are asking our community to help us spread the word about our fight and to express your support online for LBRY and the survival of the blockchain industry. Please share this letter on your social channels and use #helplbrysavecrypto.
Learn more at https://helplbrysavecrypto.com/ and please sign our petition at https://www.change.org/p/u-s-securities-and-exchange-commission-cryptocurrency-is-not-a-crime
With Gratitude,
Jeremy Kauffman
CEO
LBRY, Inc.
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Projects that are not fully decentralized will have a problem in the future. They are getting very aggressive in their pursuit.
I am go glad that Hive is not in this boat. We might see a lot of other projects getting into the SEC's crosshairs.
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It bumbs me out because LBRY is small potatoes. Makes me more concerned that the US Government will come after bitcoin. It seems like btc can dilute some of the government power if left unchecked.
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Seems we may see some more things the feds and some states don't agree with when they go after BTC.
They are going directly after YouTube. When you sign up and can automatically upload your last 900 YT videos, YT isn't going to like that.
Maybe I am missing the point. Everything loaded Odysee stays as long as there are witnesses. I guess projects will move towards creating fund for development - then it just a contract for labor, and code updates.
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Oh man, America hitting hard.at this stuff :(.
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I hope it doesn't spread all the way to things like Brave's BAT and Presearch's PRE. The free crypto is definitely one of the reasons why I like to use these. I wonder if it will affect LBRY credit's price or not.
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This is so dumb. You would think they have their hands full enough with the XRP thing. Or you at least would think they might wait and see how that pans out for them before they go chasing after another windmill. I get their concern, but I think they are going to end up shooting themselves in the foot.
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