The firm behind the decentralized content platform LBRY said its days are likely numbered following its recent loss against the United States Securities and Exchange Commission (SEC) in court.
It is specifically LBRY Inc that must die, the LBRY protocol and blockchain will continue. pic.twitter.com/SWwbqTq9In
— LBRY (@LBRYcom) November 29, 2022
The SEC initially took LBRY Inc to court in Mar. 2021 over its LBRY Credit (LBC) tokens, alleging that the firm had been conducting unregistered securities offerings since 2016.
The SEC ultimately won that battle last month on Nov. 7, after a judge deemed the tokens to be securities in a major blow to the industry.
Providing an update on the state of the business via Twitter on Nov. 30, LBRY Inc explained that the company “will likely be dead in the near future,” however the underlying protocol and blockchain will carry on:
“We’d like to be upfront about the fact that LBRY Inc. will likely be dead in the near future. We expect the LBRY mission to continue on, but the company itself has been killed by legal and SEC debts.”
LBRY Inc essentially provides a blockchain-based alternative to YouTube that offers less stringent censorship policies on its hosted content. The platform also facilitates direct tips in LBC to content creators as opposed to the standard advertising revenue share model.
In…