The SEC Vs LBRY
The SEC vs LBRY

The SEC Vs LBRY

By cookingwithbenoit | Side track | 30 Mar 2021


The government regulators from the SEC are suing LBRY and by extension their Odysee.com video hosting plateform, to impose some form of control upon their blockchain token, the LBRY Credits.

Here are the charges, as stated in LBRY.TV's "Help LBRY Save Crypto!" post :

[...] the SEC believes that the LBRY Credits are securities and should have been registered with the SEC prior to selling. This case is about overregulation. The SEC is not alleging fraud and is not charging any individuals.

We - as users of cryptocurrencies - have to help LBRY save crypto against the Securities and Exchange Commission bureaucrats, tech ignorants and control freaks finance puns, to prevent the decentralized and access free industry of cryptocurrencies from being nationalized and basically being drained of its essence.

The persecution against LBRY, with the likely risks of high fees and legal and non stop harassment by unlimited governmental means, is only the beginning of these bullying attacks by groups in charge of managing the plebs. You wouldn't want people to have a decent living standards, would you ?

If LBRY goes down, with their jobs, and that case creates a legal precedent, the rest will follow and we'll only have our eyes to cry, once we'll all be stuck with this lousy digital dollar, imposed by the international organisations in charge, the SEC being their police and legal arm.

By labeling LBRY Credits (all cryptos really) as a security, even though it's already used and traded as a globally trusted asset, the government wants total control upon this industry, in order to regulate and tax everything that could bring independence and comfort to its users.

It's also good to know that @lbry specifies that :

The LBRY Credit is a COMMODITY that facilitates the LBRY protocol which thereby allows individuals to publish content, purchase content, tip creators, and boost content on the decentralized LBRY protocol.

Not a SECURITY.

Once the globalist entities (IMF, central banks) control crypto, the blockchain tokens we like using, trading, mining and so forth, will be worthless, because they will make it so legally difficult to use, that everyone will have to get rid of them. And eventually use official digital state governed currencies. YAY ! The big guy wins again.

In his verbatim - published on Twitter - Chief Executive Officer at Odysee Jeremy Kauffman is stating that the federal administration has been suing his company since May 2018 : no crime here - so far - but a civil action. But this would be enough to redefine the entirety of the industry, if the SEC ended up winning the case. Meaning, not good for everyone of us, crypto fans. Oh by the way, none of the 21 millions users of LBRY has ever complained about anything to the government. This is pure political move.

So now, in their "Help LBRY Save Crypto!" article published on March 29th on LBRY.TV/Odysee.com, @lbry claims that :

all of the users' credits remain theirs and remain usable even after the SEC’s complaint is filed and regardless of the outcome. Up until cryptocurrencies become so heavily regulated, that - even though it's still decentralized and uncontrollable by any official entity - it would lose so much interest to use it, that eventually the tokens would not "remain usable" anymore.

Wait and see.

In the meantime, read this article, sign the petition, show support to the team and share the story with the hashtag #HelpLBRYSaveCrypto

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cookingwithbenoit
cookingwithbenoit

I like to cook easy and tasty food. Not so much into snack and sugar (anymore)... My favorite faucets here : parishortstay.host/drfaucet


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