Hi HIVIANs,
as you may have noticed, there was an ongoing lawsuit which was filed by the SEC against different cryptocurrencies, including Ripple (XRP) and LBRY (LBC-Token), calling it a "security".
"The SEC sued LBRY in March 2021 for offering LBC tokens without registering with the agency. Although the LBRY team did not offer tokens to the public in an initial coin offering (ICO) or similar mechanism, they did keep tokens for themselves in a ‘pre-mine,’ which were subsequently released on secondary exchanges to fund operations, the SEC alleged."
Source
The price of LBC/USDT went down more than 96% the months after that lawsuit was filed!
High quality chart
But what is LBRY?
Library Credit (LBRY) is a platform that seeks to simplify the way digital content is distributed and accessed by both consumers and producers.
Library Credit uses a decentralized model to be fair, free, and open to all the involved parties.
More specifically, the platform functions as a distributed network built on top of a protocol that makes it easy for publishers to charge a fee to content consumers without censorship or the need for a middleman.
The project was launched towards the end of 2018 and is now serving an active community.
Source
The lawsuit of the SEC was a straight attack against decentralization and free speech!
But on January 31st:
A New Hampshire district court judge has clarified that a security injunction ruled earlier in the legal battle between the United States Securities and Exchange Commission (SEC) and decentralized content-sharing and publishing platform LBRY applied only to direct sales of the project’s tokens.
This is a huge win for every LBRY holder!
Is the fight over yet?
According to LBRY itself, it's not:
Cryptocurrency exchanges need to lose their fear of listing LBC!
They got the choice to work for or against decentralization!
The win of LBRY against the SEC is not a win for LBRY/LBC only - it's a win for the whole crypto universe!
Once major exchanges start listing LBC, the rest will does itself!
What do you think about this news? Do you think it will have a big impact on cryptocurrencies in general?
Let me know!