### In a recent court filing, the U.S. Securities and Exchange Commission (SEC) has made a surprising move to slash the hefty $22 million fine imposed on cryptocurrency firm LBRY to a mere $111,614. The SEC cited LBRY's near-bankruptcy and lack of available funds as the reason behind their decision to reduce the penalty.

The legal battle between LBRY and the SEC began in March of last year when the regulatory body filed a lawsuit, alleging that LBRY's issuance of LBRY credits (LBC) violated federal securities laws. Last November, a New Hampshire court ruled in favor of the SEC, determining that LBRY had indeed violated securities regulations by failing to register with the SEC.



This move by the SEC, seeking a significantly reduced fine, comes after essentially putting LBRY out of business. LBRY took to Twitter to express their mixed emotions, stating that they are "mildly relieved, in the same way that one would be relieved that they're only being choked by one hand instead of two."



<blockquote className="twitter-tweet"><p lang="en" dir="ltr">A few comments on the SEC&#39;s decision to drop its request for $22m in disgorgement penalties from LBRY:<br /><br />1) We&#39;re mildly relieved, in the same way that one would be relieved that they&#39;re only being choked by one hand instead of two.</p>— LBRY 🚀 (@LBRYcom) <a href="https://twitter.com/LBRYcom/status/1658175926755024904?ref_src=twsrc%5Etfw">May 15, 2023</a></blockquote> 



While this reduction in disgorgement penalties provides a temporary respite for LBRY, it underscores the overall uncertainty surrounding blockchain technology and its regulation. The outcome of ongoing legal battles and the establishment of a favorable regulatory framework will shape the future of LBRY's Odysee platform and the broader blockchain industry. It is crucial for innovation to be nurtured rather than stifled, ensuring a promising future for decentralized technologies.   

In a recent court filing, the U.S. Securities and Exchange Commission (SEC) has made a surprising move to slash the hefty $22 million fine imposed on cryptocurrency firm LBRY to a mere $111,614. The SEC cited LBRY's near-bankruptcy and lack of available funds as the reason behind their decision to reduce the penalty.

Mon Jun 05 2023

Fine On A Dime: SEC Decimates LBRY's $22M Penalty To A Meager $111K

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Mon Jun 05 2023 Fine On A Dime: SEC Decimates LBRY's $22M Penalty To A Meager $111K

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Mon Jun 05 2023

Fine On A Dime: SEC Decimates LBRY's $22M Penalty To A Meager $111K