TechFlow news, court documents show that the U.S. Securities and Exchange Commission (SEC) is seeking to modify its $22 million penalty against blockchain-based file-sharing network LBRY, requesting the court impose a civil fine of $111,614 instead. The SEC argues that LBRY has ceased operations and lacks funds to pay a higher penalty, justifying the reduced amount.
Earlier reports indicated that a U.S. District Judge in New Hampshire ruled LBRY violated securities laws by selling its native LBC token without registering with the SEC. In December, LBRY stated the company might shut down, anticipating an SEC penalty of approximately $20 million.
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