LBRY are reaching out to independent crypto chains, both for assistance and as a warning of what is to come.
Worth quoting the whole summary:
Summary
The Securities and Exchange Commission has filed a complaint against LBRY Inc alleging that all distributions of LBRY Credits by LBRY Inc are unregistered securities offerings. This claim is a tremendous threat to the entire cryptocurrency industry.
The LBRY network is decentralized and not at risk. For users of the LBRY protocol and apps, your channels, content, and token holdings are not at risk. Even in an unlikely scenario in which LBRY Inc loses, the LBRY protocol will live on and work on it will continue.
LBRY Inc has been preparing to fight this case for three full years, which is how long the SEC has been investigating this matter. We wanted to tell you sooner, but transparency in ongoing investigations is not welcomed by the SEC.
I've said this many times: blockchains will be the delivery system of slavery.
I'll continue saying it until more people wake up from their defi delirium.
Those blockchains that insist on developing their own independent paths towards a collective freedom will remain under constant attack until they either buckle under... or muscle up!
Please vote for my witness account @busbecq.
Can be done directly here.
A witness is more than a machine.
Thanks!
This will be a behavior that we will be able to observe on a more recurrent basis, everything that cannot be controlled by governmental or established financial entities will be attacked with the sole intention of making them submit to the already established systems, this will set a precedent for the immediate future.
Here is the actual SEC filing against LBRY:
https://www.sec.gov/litigation/complaints/2021/comp25060.pdf
Sorry for the LBRY credits bag holders :(
I hope that a team behind it is prepared for the SEC nosing around them @rycharde :)
Opss after XRP and now LBRY. Pretty sure they are prepared so holders will just stay and relax.
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Felicitaciones, su publication ha sido votado por @r2cornell. También, encuéntranos en Discord
It's the
end of the world
as we know it
It's the ...
Thanks for the shout out. If freedom is fraud, make the best of it.