The company behind the decentralized content platform LBRY mentioned that its days are probably numbered following its recent loss against the United States SEC in court.
Providing an update on the state of the business by means of social media platform Twitter on 30th November, LBRY Inc explained that the firm “will likely be dead in the near future.” Nevertheless, the underlying protocol and blockchain will carry on, as per the firm.
The company mentioned,
“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.”
Former federal prosecutor and defense lawyer James Filan questioned whether this was due to the Securities and Exchange Commission attempting to find out more extreme stipulations on future LBC sales.
It is to be noted that Filan, who has over one hundred and thirty thousand followers on Twitter, has remained up to date with the LBRY case due to his long running commentary on the continuing altercation between the United States Securities and Exchange Commission and XRP creators Ripple Labs.
Notably, the cases are of a similar nature to each other in that the Securities and Exchange Commission has aggressively pushed to get both LBRY and XRP deemed as securities in court. Given that these are some of the 1st key digital assets and securities related court cases, the results might be seen as reference points for rulings in the future.
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