The U.S. Securities and Exchange Commission (SEC) has reduced a $22 million fine against file-sharing and payments protocol LBRY to just $111,614.
LBRY lost a court case with the SEC in November of last year after a federal judge ruled that the company violated securities laws when it raised about $12.2 million worth of proceeds from selling its native token, LBC.
The SEC initially requested $22 million in disgorgement from LBRY, but the company pushed back against that figure in an objection in December, claiming the number represented a vast overestimation of the proceeds it made from LBC sales.
Trending: Huh? Chuck Schumer Slams ‘MAGA Supreme Court’ After A Unanimous Decision
The SEC is now requesting in a new memorandum that the court simply issue LBRY a civil penalty of $111,614, without any disgorgement.
“Notwithstanding the availability
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!