By Tyler S. - Crypto Broker - 09-04-2021
Greenspan, a financial analyst and participant for investing in cryptocurrency has cautioned the crypto community that the US Securities and Exchange Commission's most recent action against LBRY may jeopardize the entire crypto market. SEC has filed a lawsuit on March 29, accusing decentralised platform LBRY of offering and selling millions of dollars in illegal securities using LBRY credit tokens.
LBRY is a decentralized file sharing and payment platform that uses blockchain technology for security. The company has since fought against the SEC's allegations, stating that the LBRY tokens are utility focused. Greenspan has stated in today's newsletter that’s been titled "Don't let them kill crypto," revealing that in the event the SEC's lawsuit against LBRY is successful, there could only be major consequences.
Greenspan has said that LBRY’s only ever offense was establishing itself in the United States, and he told Cointelegraph that the case exemplifies the United States' strange approach to what is forward-thinking innovation. While the Israeli-based commentator does not believe an SEC victory would stifle progress in the crypto industry as a whole, he believes it would in the United States.
LBRY has filed a countersuit against the SEC, claiming that while the SEC’s claims against the company that “Credits have no use other than speculation,” the credits actually allow users to tip, post, buy, and improve content on the website, and the company “at no time indicated that LBRY Credits were an investment, and consistently discouraged purchasing Credits for this purpose.”
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