.SECGov is looking to slash its $22 million penalty against LBRYcom over the latter's 'lack of funds and near-defunct status,' court filings show. iamsandali reports.
The regulator cited LBRY's"lack of funds and near-defunct status," as reasons for withdrawing its previous request for fine.
In March last year, the SEC sued LBRY on allegations that the sale of its native LBRY credits violated federal securities laws. In November, a New Hampshire judge ruled the startupJeremy Kauffman, LBRY's founder has previously said this case could impact the wider crypto industry as the company maintained that LBC was not a security.
Ripple Labs has a similar defense as it faces SEC charges for the sale of $1.3 billion in XRP tokens. The SEC's request to remedy the penalty also argued LBRY should be"enjoined," at least until it carries out its plans to dissolve the company and burn LBC tokens. The company
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