The US Securities regulatory body decides to revise its fine against the LBRY token platform.
LBRY is a decentralized content platform and LBRY is the native token of the platform. In a legal dispute with the United States Securities and Exchange Commission (SEC), the LBRY platform failed to win the case. Against the securities laws violation, the SEC body demanded a $22 million fine from the LBRY platform.
On 12 May 2023, The US SEC body submitted a document to the court to revise $22 million to $111k citing the bad financial position of the LBRY platform.
“The Commission acknowledges LBRY’s representations that it is defunct, ceasing operations, and without the funds to pay a larger fine, and recognizes that a defendant’s ability to pay is a factor when imposing a civil penalty,” the SEC said in the filing.
Court documents also confirmed that the court should order a decentralised content platform to remain aware of the securities law & not violate.
Many Twitter users alleged that the LBRY platform financially ruined because of the SEC’s lawsuit and now they are trying to collect the rest of the reserved funds that the company has.
Over the last couple of years, the SEC body faced huge allegations over its enforcement action against successful crypto companies but everytime failed to explain the reason behind the enforcement action properly.
The current trade price of the LBRY token is $0.01 & this trade price is 13.64% down over the last 7 days of trade price.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.