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Popular Web3 app LBRY lost the case against US SEC

As per recent reports, LBRY has lost the case against US SEC. The company has released a statement stating the language used in the judgment made by the court can make every crypto, including ETH, in the United States, a security. This thing would not be good at all for the crypto industry. This is why even the XRP army is worried about their lawsuit.

LBRY lost against US SEC

Last Monday, LBRY Incorporation announced its loss against the US SEC and published a copy of court rulings. Regarding the loss, LBRY tweeted that they are sorry to everyone and will lick their wounds for a while now but would not give up on this matter. 

As per the court’s ruling memorandum published by LBRY, the US SEC filed a complaint against them for offering sold and unregistered securities, which is illegal. However, LBRY denied the fact, clarified that they did not sell any securities to them, and countered that it was the LBC token.

LBRY lost the case against US SEC
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On Twitter, LBRY also mentioned that the language used in the ruling sets a dangerous precedent which could turn every cryptocurrency, including ETH in the US, a security. The SEC has not released any statement or press yet regarding the case. The US agency first accused the firm of selling them unregistered securities in the month of March last year.

LBRY’s CEO on their loss against US SEC

As you know, LBRY lost the case against US SEC. After losing the case, the CEO of LBRY, Mr Kauffman, tweeted that he is now going to allow himself a scream, followed by a fully capitalised word “FUCK”. He lastly added, “Alright, now back to work”.

In September, during an interview with Decrypto at the Mainnet Conference, Kauffman wore a t-shirt that said “FUCK SEC”. At the interview, he also mentioned that the facts in the case apply to every company in the room. 

Lastly, he stated that the US SEC is keen to destroy the US crypto industry fully. Looking over these statements, we can clearly say that LBRY’s CEO, Mr Kauffman, hates the US SEC very much.

What are your thoughts on the US SEC winning its case against one of the most popular web3 apps in the world, LBRY? How much do you think this case can affect the crypto industry? Let me know in the comments below. And if you find this content informative, share it with your family and friends. 

Also Read: Crypto could become a ‘huge way’ to make transactions: Former Morgan Stanley CEO.