- SEC is suing LBRY for selling their token, which SEC calls security.
- Judge Barbadoro exposes how hollow SEC’s position is.
- LBRY CEO Jeremy Kauffman has faced a lot of pressure from regulators.
A transcript states that the Securities and Exchange Commission (SEC) is suing LBRY for selling their token, which the SEC refers to as security. But this platform is retaliating. The judge begins the court case by thanking LBRY for not wasting time. In addition, he likes them for their “formed serious argument.”
The judge also establishes something early on that he reiterates several times: that his responsibility is to match the facts to existing case law while avoiding setting new precedents. One of the closest examples, according to the judge, is SEC v. SG, which involves a virtual stock market.
The government has frequently been mocked for its ignorance. However, by making a concerted attempt to comprehend the concerns, Judge Barbadoro has demonstrated his intellect.
Judge Barbadoro, for instance, creates a fascinating scenario that reveals how empty the SEC’s argument is. He asks:
“what if someone invents a coin and promises to never promote it or improve it? Is it still security?”
Unambiguously, the SEC has argued that a blockchain token with utility is not unimportant. Therefore, LBRY is a “mixed purpose” case that involves both investment and consumptive buying and deviates from established case law.
After rereading the record, it appears that the court was generally sympathetic to the LBRY side and doubtful of several SEC claims. SEC repeatedly overplayed their hand, but LBRY essentially never did, according to a Twitter thread.
In addition to dealing with pressure from authorities, Jeremy Kauffman, the CEO of LBRY, entered politics this year with the intention of winning. If he wins, promoting the bitcoin scene will be one of his top goals.
As the Libertarian Party candidate running for one of New Hampshire’s next U.S. senator seats, Kauffman is now on the ballot in that state.
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