The SEC (Securities and Exchange Commission) aims to regulate securities. However, the past two years have shown that they have been trying their best to bring crypto under their control. They have filed multiple lawsuits against crypto companies, the most popular being the XRP lawsuit. All this has created distrust for the authority, and Jeremy Kauffman, the CEO of LBRY, also said that the SEC is here to “damage or destroy” the crypto industry.
LBRY is also in regulatory trouble
LBRY is a decentralized file-sharing platform, and they are also facing legal action by the SEC. The commission has charged them for selling unregistered securities, which is a big confusion within itself. So, Jeremy, the company’s CEO, recently called out the SEC at Messari’s Mainnet conference in NYC.
It has already been more than a year since the charges were filed by the SEC. LBRY raised $11 million with the sale of their LBRY credits or tokens that could be used on their network for transactions and file sharing. However, the amount was raised before the network was built.
The SEC is viewing the credits as investment contracts that buyers are looking to profit from in the future. Jeremy said that very soon, a judge will say whether a full trial for the charges is required or not. If yes, it will become a significant lawsuit like Ripple’s.
A big problem for crypto companies
After sharing what is happening with their company, Jeremy said that whatever happens with them will also apply to all other companies in this room. Then he stated that the SEC is here to “damage or destroy” the crypto industry in the US. It has been quite a while since they have been trying to do so.
For the same reason, the CEO has also entered the political arena, where his goal would be to bring attention to the current scenario if elected. Many other personalities in crypto are also trying to do the same to be able to change or at least influence the system from the inside. However, very few are able to get seats. Jeremy believes that the only way to change this is to pass new laws and make blockchain legal in the US.
What are your thoughts as Jeremy says that the SEC is here to “damage or destroy” crypto? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
Also Read: SEC cannot claim jurisdiction over Ethereum says experts.