LBRY Being Sued by the SEC?!?...
LBRY or more specifically LBRY inc recently sent out a call to arms of sorts on its Twitter page notifying their following and asking for assistance against the SEC in a case that was brought forward in relation to securities fraud, this comes after the SEC's succesful lawsuit against Ripple.
These kinds of cases are nothing new in the crypto space and although the SEC has recognised BTC and ETH as non-securities they still have many other projects in their line of fire with LBRY being one of them, i am no lawyer so i can not claim to know all of the intricacies involved here but to see the ex chairman of the SEC Jay Clayton now advising hedgefunds on how to profit from cryptocurrencies seems rather hypocritical to me.
The case against Ripple saw a crash in the price of XRP along with multiple delistings and the future of XRP and Ripple is still in limbo, i hope the same does not happen to LBRY inc and LBC even though i am not a large holder of LBC i think it sets an unsettling precedent for decentralised social media regardless of how decentralised they claim to be.
You can read the SEC's filing against LBRY inc in full HERE.
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