SEC Shows Mercy Against LBRY in Lawsuit, Reduces $22,000,000 Fine to $111,000

SEC Shows Mercy Against LBRY in Lawsuit, Reduces $22,000,000 Fine to $111,000

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.

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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

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