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LBRY’s petition calling on the SEC to drop its lawsuit and “establish clear standards for the cryptocurrency industry” instead surpassed 15,000 signatures. The blockchain technology company thanked the crypto community for “outpouring support.”
LBRY is a network based on blockchain technology that enables creators to publish digital content, with consumers having the option of supporting creators using LBRY Credits. The content can include audio, video, documents, and other types of files.
The network hosts more than 20 million users globally.
Last week, the Securities and Exchange Commission (SEC) launched a complaint over LBRY Credits. The SEC wants LBRY Credits, which are used by millions of people, to be classified as securities. The move would affect many crypto assets, making it illegal to transact or exchange them.
“The Securities and Exchange Commission is attempting to make virtually ALL cryptocurrencies in the United States illegal to freely transact and exchange,” the petition states.
The petition also points out that “big banks crashed the economy in 2008 with almost no punishment” and “big tech exploits and abuses us freely.” Yet the SEC “goes after blockchain and cryptocurrency, which is one of the best hopes the people have to take back control.”
After the petition surpassed 15,000 signatures in 7 days, LBRY CEO thanked people for the support.
“We’re thrilled about the outpouring of support from the crypto community,” said Jeremy Kauffman, founder and CEO of LBRY, in a statement.
“LBRY is fighting to save cryptocurrency and help ensure it is legal and safe in the US. The petition underscores just how important that work is and we’re grateful to have the backing of our community. We will continue to call on the SEC to drop its complaint and work with us constructively to establish clear guidelines for the industry.”
Crypto enthusiasts, industry experts, and reporters have all condemned the SEC’s lawsuit, saying it would set a bad precedent that would only hamper innovation and alternative tech that aims to challenge the dominant monopolies.
It is not clear why the SEC is going after LBRY, considering no one has reported any damage or harm as a result of using LBRY Credits.
Those interested in more information on this issue can visit LBRY’s campaign page here.