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For the past 3 years since May of 2018, LBRY Inc has been entangled legally with the SEC which is proceeding to prosecute the company on charges of selling unregistered securities to multiple outside parties. The SEC claims that tokens (credits) have no use other than speculation. By 'securities' the SEC means the Token used in the running of the network. (learn more about LBRY here)
It is this classification that lies at the heart of the danger facing all token using crypto businesses falling under the SEC eye in the USA. Such businesses must rally support for LBRY Inc where ever they can since a win by the SEC could mean all tokens get classified as securities.
All tokens, and that includes ETH, meaning most Crypto ecosystems activity/funtionality will slow to a crawl due to onerous regulations, reporting and tax requirements that apply to the transfer of securities between entities. The majority would need to relocate outside the US or close down as using tokens reclassified into securities is economically unfeasible.
Users of the LBRY chain (eg Odysee.com described as the free speech de-centralised version of Youtube) should be made aware of the case, but the network itself is built to be beyond the SEC control and will continue, perhaps with admin changes made. The SEC charges specifically indite LBRY Inc. Use this link https://helplbrysavecrypto.com/faq to read the FAQ sheet. The full complaint can be viewed at https://odysee.com/secvslbrycomplaint
Why is LBRY Inc being targeted by the SEC?
While LBRY Inc has been open and transparent dealing with the US Govt, the reverse cannot be said. So on this point I will be giving my personal opinions, linking to pages and sites that can be used to see additional info that influenced these opinions.
The Fed, Wall St and Big Banks have long been the obvious adversarys of Bitcoin and Crypto, since these technologies and DeFi services are predicted to replace them or at least massively reduce their power and influence. The understandable negative bias towards crypto would logically extend to the US Govt and its associated regulatory bodies.
Its a very small leap to viewing the actions of the SEC as acting on directions given by their Govt overseers. But even if we take it as true, that the Govt has issued a directive along the lines of "Find a way for us to control and/or hobble Crypto." (my words) the question of why target LBRY specifically remains unanswered, despite being asked by LBRY Inc numerous time. No answer from the SEC or the investigators involved. Silence can speak volumes, and suggests real power keeping the curtains closed.
In order to surmise an ans to this I am looking at the issue from the SEC perspective on what their choices could be if they are to follow though with this (assumed) directive. Its no secret that the Crypto world is full of scams, fake coins and startups built on intentional deception. Any of these should be easy targets, so why pick on LBRY Inc?
If we assume the directive from the Fed/WallSt et al via the Govt to be a fact then the choice of inditing LBRY Inc makes much more sense. To create a legal precedent, one to reverberate throughout the Cryptosphere, the target should have these boxes ticked:
* Highly Visible * be transparent to SEC * have no ties to US institutional finance * have a broad public utility * no skeletons to unearth * be co-oprative with invetigators
LBRY Inc can tick these boxes making it the best lowhanging fruit the SEC can reach for.
Vested interests in taking down LBRY Inc and hurting Crypto in the USA should also be considered. As we all see, the US Govt has repeatedly shown it will allow Big Tech to do as it wishes, even beyond turning a blind eye to censorship and regardless of the public welfare. Blindly obvious, I can point a finger directly at Alphabet, as owner of YouTube and Google, the mother company wuld need to be an imbecile to not see the massive threat LBRY is becoming as every day users depart authoritarian YouTube often because of the ongoing censoring of content.
Would anyone be surprised if in court the SEC was assisted be this big tech, bad faith actor?
We know for a fact big tech have powerful lobby groups working for them in Washington. Just doing their job would suggest such lobbists would have put forward LBRY Inc as a target for any/all SEC investigative matters.
Info link learn more about the WEF great reset
The final player I will put forward as wanting to attack LBRY Inc, and if a precedent is set, hurt all crypto operating in the USA, must be the architect of the ongoing Global Power-grab promoted around the world as a "Great Reset" the World Economic Forum (W.E.F). This un-elected body hosts a yearly summit in Davos of the worlds most powerful CEOs, Govts and Mega-Rich elites. A summit where they discuss and plan how they will increase their top down control of our world.
As these W.E.F/Davos elites are heavily involved with numerous Crypto businesses NOT located in the USA, it follows logically that this group would see a massive advantage in damaging all non-aligned Cryptos. I cannot stress the power and reach this group has, a fact easily verified, just look them up. Its totally plausible that the tentacles of the W.E.F initiated the SEC actions from the start. Summing up, below are my favorite choices as originators behind the SEC, in no particular order.
Federal Reserve (inc WallSt, Bankers & Financiers)
YouTube (aka Alphabet/Googles, attempt to torpedo a competitor)
World Economic Forum (elites of Davos and associates of their creepy leader, aspirational God-Tyrant Klaus Schwab)
Finally, its looking likely that LBRY Inc will get its day in court starting sometime in the 2nd half of 2021, a case that may drag out, as to date we have no reason to expect a swift resolution. The firm Perkins Coie, with Keith Miller and Adam Schuman will represent LBRY Inc at trial. Help them defend against these charges by signing the online petition; https://helplbrysavecrypto.com/#petition
The outcome of the case against LBRY Inc may affect all Crypto Businesses in the USA as it is being viewed as a 'test case' or 'benchmark ruling' by legal commentators and as such I encourage all who support the US Crypto industry to share this article to raise public knowledge of the case and in turn increase overall support in the public arena. Whichever poisonous group is behind the curtain, plucking at the SEC puppet strings, its highly unlikely they will stop, so LBRY Inc will need all the help it can get to survive.
source links & LBRY contactshttps://www.sec.gov/litigation/litreleases/2021/lr25060.htm
https://www.youtube.com/watch?v=fWjeUcKMWDA
https://lawstreetmedia.com/tech/sec-sues-lbry-for-11m-in-unregistered-digital-securities-complaint/
https://www.financemagnates.com/cryptocurrency/news/lbry-warns-that-sec-lawsuit-could-be-disastrous-for-the-crypto-industry/
https://cei.org/blog/lbry-cryptocurrency-prosecution-shows-secs-misplaced-priorities/
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