The Securities and Exchange Commission (SEC) on Friday asked a court to reduce a $22 million penalty levied against LBRY, recognizing that the decentralized publishing platform may not be able to afford its multi-million dollar punishment. The financial watchdog is now asking a court to impose a lower penalty of $111,614, while also dismissing a separate requirement to forfeit another $22 million in ill-gotten gains.

The SEC based the move on its understanding that LBRY is “defunct, ceasing operations, and without the funds to pay a larger fine,” according to court documents.

The agency originally sought $22 million to be paid back in addition to the $22 million civil penalty. In a written statement, LBRY CEO Jeremy Kauffman told Decrypt the agency’s decision was far from an act of goodwill.

“The SEC’s decision to no longer seek disgorgement should not be read as a change-of-heart, but pure self-interest,” he said. “The SEC thought they would lose and wanted to avoid a bad precedent. However, it is a positive sign for LBRY that this all may finally be over soon.”

Kauffman added that Odysee, a subsidiary of LBRY, still has a bright future. Yet, Kauffman claimed the blockchain-based media platform remains threat

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Author: André Beganski

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