LBRY CEO: The SEC Wants to Undermine the Industry

The US Securities and Exchange Commission (SEC) has clearly demonstrated it intends to “damage or destroy the cryptocurrency industry in the United States,” according to Jeremy Kauffman, CEO of the decentralized platform for publishing content LBRY.

The Commission filed last year a lawsuit against the company alleging the sale of unregistered securities as part of an ICO for $11 million.

LBRY tokens are used to upload files and make payments on the blockchain platform. The coins were distributed prior to its launch.

The SEC has recognized LBRY as investment contracts based on the assumption that buyers seek to make a profit.