‘This will be our last post’ — LBRY throws in towel against the SEC

Blockchain firm LBRY Inc. — the creators of the LBRY blockchain — has issued its last message to the crypto, citing “a number of million {dollars}” of money owed which have now made it unattainable for the agency to proceed.

“This shall be our final put up,” stated the LBRY Inc. workforce in an Oct. 20 assertion on Odysee, a LBRY-powered video-sharing web site, which was additionally shared on X.

LBRY Inc. is winding down.

The LBRY community is unaffected.

Odysee and different belongings will bear a authorized course of to fulfill money owed, however Odysee has a vibrant future forward.

Thanks to everybody who fought with us for on-line freedom.

A last goodbye put up is within the first reply.

— LBRY (@LBRYcom) October 19, 2023

LBRY stated a number of hundreds of thousands of {dollars} of debt owed to the SEC, its authorized workforce and a non-public debtor ended up being too huge a barrier to beat.

“LBRY Inc. should die, there isn’t a escaping this. It has misplaced a judgment to the federal authorities, has a number of million {dollars} in money owed, and has pledged to close down.”

“Thanks to everybody who fought with us for on-line freedom,” LBRY added in an Oct. 19 X put up.

LBRY initially announced it might wind down in July after a last judgment in favor of the SEC on July 11. The SEC initially sought a punishment of $22 million however then downgraded that to $111,000 when it realized the defunct agency couldn’t pay.

In September, the group was delighted after it seemingly backtracked on the choice by submitting a discover of attraction in opposition to the regulator.

In its newest assertion, nonetheless, the agency revealed it should now not proceed its attraction in opposition to the SEC.

The agency additionally famous that LBRY Inc.’s executives, staff, and board members have resigned and are actually solely engaged in satisfying any excellent authorized necessities.

“It wasn’t a contented ending, but it surely was a contented journey,” the now-former CEO Jeremy Kauffman defined in an Oct. 19 X put up, reflecting on LBRY’s eight-year tenure within the cryptocurrency trade.

it wasn’t a contented ending, but it surely was a contented journey pic.twitter.com/BxLPVdi2DR

— Jeremy Kauffman (@jeremykauffman) October 19, 2023

Crypto group salutes

The announcement noticed members of the crypto group come out to offer their last phrases of help to the LBRY workforce.

One X person, “Steve,” thanked LBRY for placing up a “good battle” — presumably in opposition to the SEC, whereas one other, “archerships” advised LBRY’s community was probably the most helpful blockchain-based platforms available on the market.

Thanks for creating LBRY. It is without doubt one of the most helpful blockchain primarily based apps on the market.

— archerships – e/acc, pronatalist, immortalist (@archerships) October 19, 2023

Within the feedback part of LBRY’s put up on Odysee, group members expressed a willingness to maintain supporting Odysee up and working.

Associated: The aftermath of LBRY: Penalties of crypto’s ongoing regulatory course of

As LBRY’s blockchain is open-sourced and decentralized, it should proceed to function as long as blocks proceed to be mined, the workforce famous on Odysee.

Odysee served 5.three million distinctive customers on a month-to-month foundation between January and April this yr, greater than every other decentralized social media platform out there, based on CoinGecko.

Journal: Crypto regulation — Does SEC Chair Gary Gensler have the ultimate say?