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SEC Seeks To Reduce $22M Penalty Against LBRY to $111K, Recognizes Platform’s Financial Struggles

The Securities and Exchange Commission (SEC) has requested a reduction in the $22 million penalty imposed on LBRY, a decentralized publishing platform, acknowledging that the company may not be able to afford the fine. The SEC is now asking for a lower penalty of $111,614. LBRY's CEO, Jeremy Kauffman, claimed that the SEC's decision to no longer seek disgorgement should not be seen as a change of heart, but rather as pure self-interest. The SEC won its case against LBRY last November, charging the company with selling unregistered securities in March 2021.

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