36 sats \ 3 replies \ @faithandcredit 7 Nov 2022 \ on: SEC: LBRY tokens were sold as Securities, Precedent set? bitcoin
The reason they are going after lbry is because it is aligned with free speech. Lbry is what enabled www.odysee.com which is where several youtube exiles share their content now. Or maybe it's just a coincidence.
I had the same thought until I remembered that Ripple was targeted earlier. Ripple only aspired to being an efficient clearinghouse -- a far cry from helping freedom.
I don't have a theory that explains the SEC's targets so far. So many altcoins are obviously unregistered securities, so they would be trivial for the SEC to prosecute and win. They could squash a hundred in a year and tell Congress, "look at all the fraudsters we put in jail, we need a lot more money to prosecute the rest of them in a timely manner." But they haven't done that so far.
Maybe the SEC won't have to do any of that. Maybe the takedown of LBRY will spook shitcoiners and the cryptocurrency market will shrink to a few non-premined currencies.
reply
The SEC is probably happy with the way things are where they can just selectively enforce and pick winners and losers even tho they did the exact same things. It makes me angry tbh
reply
It's probably a money shot. They look at the "returns" they are getting on asset seizure.
reply