SEC Files A Court Request For This Altcoin! He Wants a Penalty Reduction This Time!

Ripple (XRP) Considering that most cryptocurrencies, especially cryptocurrencies, are securities, US Securities and Exchange Commission (SEC) continues its pressure on the crypto money industry.

Most cryptocurrency SEC suing its platform, cryptocurrency startup LBRY He also sued.

SEC in March 2022 LBRY (LBC) sued LBRY alleging that the sale of the token violated federal securities laws.

In November, the court ruled that the LBRY venture did not register with the SEC and that the LBC token violated securities laws.

The court also fined LBRY $22 million.

According to Coindesk’s report, the SEC has now sought to reduce the $22 million fine imposed on LBRY from the court to $111,614.

He cited LBRY’s substantial shortage of funds and its current status as nearly defunct as the reason for the SEC’s request for a reduction in the penalty.

In addition to reducing the sentence, the SEC also asked the court to stop LBRY from selling unregistered cryptocurrencies in the future.

The SEC made the following statements in its request document submitted to the court:

“The Commission acknowledges that LBRY has been terminated, ceased operations and lacks the funds to pay a larger fine, recognizing that a platform’s solvency is an important factor when imposing a civil penalty.”

LBRY had previously said that the SEC’s $22 million fine was exaggerated and unwarranted.

*Not investment advice.

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