Fun

News Feed - 2023-10-28 06:10:25

Turner Wright11 hours agoHester Peirce speaks out against LBRY enforcement action: ‘The market could have decided’The SEC commissioner said the regulator’s actions “forced a group of entrepreneurs to abandon what they built,” with LBRY announcing in October it planned to wind down operations.1613 Total views20 Total sharesListen to article 0:00NewsJoin us on social networksHester Peirce of the United States Securities and Exchange Commission (SEC) has issued a dissenting opinion on the regulator’s lawsuit against blockchain firm LBRY.


In an Oct. 27 statement, Peirce described feeling “unsettled” following the SEC’s enforcement action against LBRY in March 2021. In November 2022, a judge ruled in favor of the SEC, stating that the firm’s LBC token was a security. Though LBRY appealed the decision, the company announced in October that it planned to wind down, citing millions of dollars in debt due to legal costs.


“This case illustrates the arbitrariness and real-life consequences of the Commission’s misguided enforcement-driven approach to crypto,” said Peirce.Some overdue thoughts on our case against LBRY: https://t.co/wLsG4Xr7wz— Hester Peirce (@HesterPeirce) October 27, 2023


According to Peirce, the SEC’s case against LBRY was “puzzling” given there was no evidence of fraud and the firm took a conservative approach to digital assets compared to other crypto projects. The SEC commissioner suggested that there had been no clear path for a project like LBRY to come in and register with the regulator, and “it would not be a particularly useful effort” if it had managed to do so.


“[T]he Commission took an extremely hardline approach in this case,” said Peirce. “For example, after winning on summary judgment, the Commission sought monetary remedies of $44 million and asserted that LBRY’s offer to burn all tokens in its possession was not sufficient assurance that LBRY would not violate the registration provisions in the future. The Commission’s requested remedies were entirely out of proportion to any harm.”


She added:“The time and resources we expended on this case could have been devoted to building a workable regulatory framework that companies like LBRY could have followed. Then the market could have decided LBRY’s fate.”


“The Commission’s action forced a group of entrepreneurs to abandon what they built,” said Peirce. “Our disproportionate reaction in this case will dissuade people from experimenting with blockchain technology.”


Related:SEC revises $22M penalty against LBRY, seeks $111K instead


Peirce has often been a dissenting voice at the SEC in crypto-related enforcement cases. In September, she told Cointelegraph that crypto firms shouldn’t give up on trying to launch in the United States, but added she believed the commission was “far behind” in finding a solution for a regulatory framework.


Gary Gensler, who chairs the SEC, has often called on crypto firms to “come in and talk” to the regulator to avoid potential enforcement actions. To date, the regulator has filed lawsuits against crypto exchanges Binance and Coinbase and many other firms in the space.


Magazine:Crypto regulation: Does SEC Chair Gary Gensler have the final say?# Government# SEC# United States# LBRY# RegulationAdd reactionAdd reactionRead moreWill Sam Bankman-Fried fix his case when he takes the stand?How Google’s AI legal protections can change art and copyright protectionsSEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

News Feed

ADALend: A New Perspective On Native Cardano DeFi From the Eyes of ADALend’s CEO
ADALend: A New Perspective On Native Cardano DeFi From the Eyes of ADALend’s CEO sponsored A scalable, trustless, and decentralized lending protocol called ADALend is being develo
Ethereum Fees Sink to Lowest Rate in 7 Months, Most L2 Fees Under $1 per Transfer
Ethereum Fees Sink to Lowest Rate in 7 Months, Most L2 Fees Under $1 per Transfer Ethereum fees have continued to slide week after week and are now at the lowest value in seven mon
NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles
NFL Player Gets a Myriad of Celebrities to Add the Bitcoin Hashtag to Their Twitter Profiles Following the day the Tesla founder, Elon Musk, added the Bitcoin ha
Thai Regulator Accuses Digital Asset Service Provider of Failing to Comply With Information Request – Matter Referred to Law Enforcement
Thai Regulator Accuses Digital Asset Service Provider of Failing to Comply With Information Request – Matter Referred to Law Enforcement Thailand’s securities regulator re
Yield App Unveils Higher Yield Passive Income Product
Yield App Unveils Higher Yield Passive Income Product press release PRESS RELEASE.Yield App, a global FinTech company and digital wealth platform which has attracted more than 80,00
3 Reasons the Stock Market Could Avoid Record Highs Next Week
Stock markets are on an 8-day gain streak near record highs but there may be hurdles ahead. | Source: AP Photo/Richard Drew, FileThe U.S. stock market has demonstrated strong moment
ECB Favors Transparency Over Privacy in Digital Euro Design, Presentation Reveals
ECB Favors Transparency Over Privacy in Digital Euro Design, Presentation Reveals The European Central Bank (ECB) leans toward a “transparent” digital euro over one t
Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto
Tanzania Announces Plans to Create Blockchain Advisory Team as Country Moves to Adopt Crypto In a follow-up to Tanzanian President Samia Suluhu Hassan’s ca
Central Bank of Argentina Issues New Compliance Rules for Digital Wallets
Central Bank of Argentina Issues New Compliance Rules for Digital Wallets The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the countr
New ONDO Addresses Surge 390% In 24 Hours – A Sign Of Growing Interest In Ondo Finance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tax Friendly Saint Kitts and Nevis Approves Progressive Crypto Bill, Lenient Capital Gains Exemption
Tax Friendly Saint Kitts and Nevis Approves Progressive Crypto Bill, Lenient Capital Gains Exemption The island country of Saint Kitts and Nevis, located in the West Indies, rece
Messari Releases Q3 2022 State of TRON and State of USDD Reports
Messari Releases Q3 2022 State of TRON and State of USDD Reports sponsored Geneva, Switzerland / November 8, 2022 / – Messari, the leading provider of crypto market intellige