LBRY Inc – the firm responsible for developing the LBRY protocol – has announced it will close operations after receiving a final judgment in its case with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
Since the announcement, LBRY token (LBC) has collapsed 14% in value.
A federal judge sided with the SEC in ruling that LBRY violated Section 5 of the Securities Act of 1933 in its issuance of LBC.
As such, it has permanently restrained and enjoined from further issuance of any “security” unless registered with the commission in advance.
LBRY is also required to pay a $111,614 fee for its violation within the next thirty days. This is a massive reduction from the SEC’s original fee request, which was $22 million
Over Twitter, LBRY confirmed that it will be completely winding down its operations, with the community free to decide how to make use of its LBC token.
The final judgement in SEC vs LBRY is out.
In accordance with the court’s order and our promises, we e
We współpracy z: https://cryptopotato.com/lbry-token-crashes-14-after-company-firm-behind-project-announces-shutdown/
