The SEC May Have Just Killed Tech Innovation in America

[HAL1000]

https://humanevents.com/2022/12/09/the-sec-may-have-just-killed-tech-innovation-in-america

The worst LBRY could do is hide your channel from the website, but it could easily be accessed like nothing happened on any other website that tapped into the same network (including the LBRY client, an open-source program you can run on your computer). This makes it perfect for posting controversial content such as conservative viewpoints or health freedom information. LBRY’s CEO and founder Jeremy Kauffman believes that the platform’s free speech element may have factored into it being singled out by the SEC:

“It's difficult to look at how the SEC has gone after us so voraciously while ignoring so many other companies without thinking politics have something to do with it. LBRY has helped keep up controversial content, such as 3D firearms, that is unpopular with government regulators.”

Let’s look at what the judge actually ruled in the LBRY case. He ruled that the LBRY company had engaged in an illegal securities offering when it sold the protocol’s token, LBC (short for “LBRY Credits”), to finance the company’s operations. First, he ruled that even though LBRY Inc. represented the LBC token as a purely consumptive (utilitarian) product for the running of the protocol in the overwhelming majority of its communications, it had communicated the investment potential of the token in some instances, which was enough to qualify the entire thing as a security.

https://humanevents.com/2022/12/09/the-sec-may-have-just-killed-tech-innovation-in-america

Edited December 11, 2022 by HAL1000