SEC clearly demonstrated that it intends to damage or destroy the cryptocurrency industry in the United States. This was stated by Jeremy Kauffman, CEO of LBRY, the decentralized content-publishing platform, according to Decrypt.
In March 2021, the Commission filed a lawsuit against the company over allegations of selling unregistered securities in connection with the ICO for $11 million.
LBRY tokens are used to upload files and to make payments on the blockchain platform. The coins were distributed before its launch.
The SEC deemed LBRY to be investment contracts on the premise that buyers would profit from them.
The company awaits a federal judge’s ruling on whether a full trial is warranted.
Kauffman suggested that the verdict would set a precedent for companies that raised money for projects through ICOs.
The CEO expressed his stance toward the regulator with a T-shirt he wore to attend a conference organized by Messari.
Made it to #mainnet
If you see a guy in a «Fuck the SEC» shirt, say hi 👋 pic.twitter.com/B7vn5E2ey9
— Jeremy Kauffman 🦔 (@jeremykauffman) September 21, 2022
Kauffman believes that LBRY and the libertarian ideology he subscribes to embody the views of some segments of society toward politics and social networks.
«People are tired of bureaucrats… making these decisions for them» — he explained.
Earlier at the same conference came to the conclusion that officials are largely aiming to adopt more constructive decisions.
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