The U.S. Securities and Exchange Commission (SEC) wants to revise a $22 million penalty set on crypto startup LBRY to $111,614, according to court documents from Friday.
The regulator cited LBRY’s “lack of funds and near-defunct status,” as reasons for withdrawing its previous request for fine.
In March last year, the SEC sued LBRY on allegations that the sale of its native LBRY credits (LBC) violated federal securities laws. In November, a New Hampshire judge ruled the startup had violated securities laws by failing to register with the SEC.
Source: SEC Wants to Slash $22M Fine on Crypto Firm LBRY for Violating Securities Law to $111K