SEC Bringing Crpyto Down

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According to LBRY’s CEO, the SEC is “out to harm or annihilate the crypto sector in the United States

SEC Bringing Crpyto Down
SEC Bringing Crpyto Down / Image Credit: CRYPKYP
Source: Decrypt
1664183404 26 Sep / 09:10

This week at Messari's Mainnet conference in New York, LBRY CEO Jeremy Kauffman criticized the Securities and Exchange Commission as the decentralized file-sharing network continues to face legal action from the government.

In March last year, the SEC accused LBRY of marketing unregistered securities. The Commission objected to the $11 million in funds collected through the sale of LBRY Credits, which are currently used to upload files and make payments on the blockchain-based platform but were offered for sale before the network was constructed.

The SEC interpreted LBRY Credits as investment contracts because purchasers assumed they would profit from the tokens' purchase.

Kauffman stated that the firm has “fought the SEC for close to five years” and is awaiting a federal judge’s decision on whether a full trial is warranted.

According to him, the judgment would have far-reaching repercussions for other organizations, creating a precedent for companies that have acquired funds for their projects through an initial coin offering or ICO.

“The circumstances of this case would essentially apply to any business in this room,” he stated. The SEC has made it very clear that it intends to harm or destroy the Bitcoin business in the United States.

Kauffman also donned a shirt that graphically communicated his dissatisfaction with the SEC in case his statements at the conference and to Decrypt weren’t apparent enough.

Despite facing pressure from authorities, Kauffman has entered the political arena to be elected this year. If elected, he would make drawing greater attention to the bitcoin sector one of his top goals.

Kauffman is now on the ballot in New Hampshire as a Libertarian candidate for one of the state’s next U.S. senatorial seats.

Other bitcoin proponents, such as Bruce Fenton and Brock Pierce, have also resorted to New England to host their campaigns, but with little success.

Fenton’s candidacy for the Senate was unsuccessful earlier this month, and Pierce was never on the Vermont ballot. However, New Hampshire House representative Keith Ammon, who was reelected in 2020, has a history of backing the sector.

“You submit him a crypto-friendly law, which will be proposed in the following session,” Kauffman added. Kauffman stated, “This is the only way we can make blockchain legal: by gaining office and passing new legislation.”

Kauffman feels that his file-sharing platform and libertarian philosophy are partially congruent with relation to some users’ political and social media attitudes. “People are weary of having these bureaucrats and intermediaries make choices for them,” he asserted.

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