【特集】SEC Commissioner Criticizes Agency's Handling of LBRY Case

SEC commissioner expresses dissatisfaction

Hester Peirce, a commissioner at the Securities and Exchange Commission (SEC), expressed her disappointment with the agency's approach to the charges against LBRY, a cryptocurrency startup. Peirce argued that the application of securities laws to token projects is not clear, despite the agency's claims to the contrary.

No path for registration

Peirce emphasized that there is currently no viable path for a company like LBRY to register its token offering. Even if a company were to register, Peirce stated that it would not be a worthwhile endeavor. Compliance with regulations is crucial for investor protection, according to Peirce.

LBRY shutting down

LBRY Inc. recently announced its decision to shut down following the SEC's charges of selling unregistered securities. The startup revealed that it had received over $11 million in U.S. dollars, Bitcoin, and services during its token offering. Peirce admitted that she did not support bringing the case and was unable to publicly voice her concerns while litigation was ongoing.

Appeal abandoned

LBRY initially appealed the judge's ruling that deemed its token subject to regulatory oversight and ordered the company to pay over $111,614. However, the startup later decided not to proceed with the appeal, noting that it had debts it could not pay and its assets were being placed into receivership. Peirce highlighted that the SEC's actions have discouraged entrepreneurs from exploring blockchain technology.

It is important to note that this article is for informational purposes only and should not be considered as legal, tax, investment, financial, or other advice.