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LBRY’s Jeremy Kauffman Says The SEC Is Out To Damage The Crypto Industry ⋆ ZyCrypto

LBRY

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  • Jeremy Kauffman cites current SEC policies on digital asset companies, suggesting it could hurt the industry.
  • The SEC’s lawsuit against Jeremy Kauffman-led LBRY continues in October, with Kauffman insisting the company has done nothing wrong.
  • The Commission will continue to implement its policy on crypto companies without sparing even the big guns.

The Securities and Exchange Commission (SEC) has rolled out its policy on digital assets, leaving analysts to debate whether the commission is for or against the industry.

Jeremy Kauffman, CEO of blockchain file-sharing company LBRY, has expressed his views on the growing SEC regulation of the industry. Speaking at the Messari mainnet conference in New York, Kauffman said the commission intends to “damage industry in America.” Kauffman is among several CEOs embroiled in a legal dispute with the SEC since the securities regulator filed suit against LBRY in March 2021.

The SEC sued LBRY for selling unregistered securities after the company raised $11 million in LBRY loans. The SEC alleges that investors bought LBRY Credits for profit and insists that it falls under the Howey test as a security. Kauffman has stated that he has been “fighting the SEC for years” and hopes it ends in his favor, posing in an anti-SEC shirt on Twitter to show his displeasure at its highest.

The SEC’s push to clamp down on digital assets, which are unregistered securities, has increased since it filed suit against Ripple Labs in 2020. As the SEC continues its efforts, industry players are now speaking out against it, with future Kraken CEO Dave Ripley stating, that he does not need to register with the commission or delist tokens that the SEC considers securities.

The squeeze continues

The SEC insists it will continue to regulate the industry amid claims from crypto executives such as Brad Garlinghouse, who describe it as a “bully.” SEC Chairman Gary Gensler has explained that the commission must regulate the industry to protect investors in the industry.

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Gensler has also expressed his belief that certificates of contribution can be considered securities because they are invested for profit, indicating that no digital asset is safe from the SEC’s regulatory net. The commission has also been criticized for stating that all Ethereum (ETH) transactions fall under US jurisdiction, hinting that it plans to introduce strict regulations in the coming months.

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