- The remarks come after LBRY Inc. disclosed its decision to cease operations.
- Peirce stated that there is no clear path for companies like LBRY to register their functional token offerings.
In a candid and critical statement, Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), expressed her dissatisfaction with how the SEC handled charges against the crypto startup LBRY.
Peirce, known for her crypto-friendly stance, highlighted that despite the SEC’s claims of clarity in applying securities laws to token projects, the reality is quite the opposite.
LBRY, which was charged by the SEC with selling unregistered securities, recently announced its shutdown, further emphasizing the difficulties token projects face in navigating regulatory challenges.
Speaking out about the SEC’s actions, Commissioner Hester Peirce expressed her concerns, stating that there is no clear path for companies like LBRY to register their functional token offerings.
She noted that even if a company managed to register its token offering, it might not yield significant benefits. Peirce emphasized the importance of compliance for investors but voiced her doubts about the effectiveness of the current regulatory approach.
Criticism on lack of clarity in SEC’s approach
These remarks from Commissioner Peirce come after LBRY disclosed its decision to cease operations. The startup faced SEC charges for selling unregistered securities and had reportedly received over $11 million in U.S. dollars, Bitcoin [BTC], and services during its token offering.
In her statement, Peirce disclosed that she did not support bringing the case against LBRY but had been unable to express her concerns publicly while the case was ongoing.
LBRY initially pursued an appeal in the hope of reversing a judge’s decision that subjected its token to regulatory oversight, along with an order to pay over $111,614 in penalties.
However, the startup later changed its course and abandoned the appeal. As a result of mounting debts to the SEC, its legal team, and a private debtor, LBRY announced that its assets, including the Odysee platform, were being placed into receivership.
Additionally, all LBRY executives, employees, and board members resigned, intending to fulfill their outstanding legal obligations but nothing beyond that.
The July 2022 court ruling neither confirmed nor refuted whether LBRY’s token, LBC, qualified as a security.
Peirce pointed out that this uncertainty meant that the LBRY blockchain could continue to exist, albeit on a more challenging path. She criticized the SEC’s actions in this case, stating that they had forced a group of entrepreneurs to abandon their blockchain project.
In Peirce’s view, the disproportionate response to LBRY’s case could deter individuals from experimenting with blockchain technology, which the startup described as “technology that enables dissent.”
- The remarks come after LBRY Inc. disclosed its decision to cease operations.
- Peirce stated that there is no clear path for companies like LBRY to register their functional token offerings.
In a candid and critical statement, Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), expressed her dissatisfaction with how the SEC handled charges against the crypto startup LBRY.
Peirce, known for her crypto-friendly stance, highlighted that despite the SEC’s claims of clarity in applying securities laws to token projects, the reality is quite the opposite.
LBRY, which was charged by the SEC with selling unregistered securities, recently announced its shutdown, further emphasizing the difficulties token projects face in navigating regulatory challenges.
Speaking out about the SEC’s actions, Commissioner Hester Peirce expressed her concerns, stating that there is no clear path for companies like LBRY to register their functional token offerings.
She noted that even if a company managed to register its token offering, it might not yield significant benefits. Peirce emphasized the importance of compliance for investors but voiced her doubts about the effectiveness of the current regulatory approach.
Criticism on lack of clarity in SEC’s approach
These remarks from Commissioner Peirce come after LBRY disclosed its decision to cease operations. The startup faced SEC charges for selling unregistered securities and had reportedly received over $11 million in U.S. dollars, Bitcoin [BTC], and services during its token offering.
In her statement, Peirce disclosed that she did not support bringing the case against LBRY but had been unable to express her concerns publicly while the case was ongoing.
LBRY initially pursued an appeal in the hope of reversing a judge’s decision that subjected its token to regulatory oversight, along with an order to pay over $111,614 in penalties.
However, the startup later changed its course and abandoned the appeal. As a result of mounting debts to the SEC, its legal team, and a private debtor, LBRY announced that its assets, including the Odysee platform, were being placed into receivership.
Additionally, all LBRY executives, employees, and board members resigned, intending to fulfill their outstanding legal obligations but nothing beyond that.
The July 2022 court ruling neither confirmed nor refuted whether LBRY’s token, LBC, qualified as a security.
Peirce pointed out that this uncertainty meant that the LBRY blockchain could continue to exist, albeit on a more challenging path. She criticized the SEC’s actions in this case, stating that they had forced a group of entrepreneurs to abandon their blockchain project.
In Peirce’s view, the disproportionate response to LBRY’s case could deter individuals from experimenting with blockchain technology, which the startup described as “technology that enables dissent.”
can i order cheap clomiphene online where can i get cheap clomiphene tablets can i order cheap clomiphene prices can you buy clomiphene without rx can you get generic clomid online clomid bula homem can you buy cheap clomid pills
I couldn’t hold back commenting. Profoundly written!
More articles like this would frame the blogosphere richer.
zithromax drug – ofloxacin 400mg sale order flagyl 200mg for sale
order rybelsus 14 mg for sale – periactin canada buy cyproheptadine 4 mg online cheap
cheap domperidone 10mg – brand domperidone 10mg order cyclobenzaprine without prescription
cheap amoxicillin for sale – ipratropium where to buy cheap combivent 100 mcg
buy zithromax – nebivolol 20mg usa order bystolic online
order augmentin 1000mg for sale – at bio info buy ampicillin
order nexium for sale – https://anexamate.com/ purchase esomeprazole for sale
buy coumadin 5mg generic – blood thinner losartan 25mg pill
buy mobic 15mg pills – mobo sin order generic mobic
best non prescription ed pills – fastedtotake.com sexual dysfunction
cheap amoxil sale – combamoxi.com order amoxicillin for sale
fluconazole 200mg usa – diflucan 100mg sale buy diflucan for sale
buy cenforce 100mg online cheap – https://cenforcers.com/# order cenforce online cheap
buying cialis without prescription – https://ciltadgn.com/ what are the side effect of cialis
generic zantac 150mg – https://aranitidine.com/ order ranitidine without prescription
when will cialis be over the counter – https://strongtadafl.com/# cialis wikipedia