We have no idea who’s in charge now, but they don’t seem very crypto-friendly.
Nowhere is this more evident than in the SEC’s difficult case against YouTube’s blockchain-based competitor LBRY.
Not only is it clear to everyone that the only crime of the project was that it was located in the United States, but this case also reinforces the suspicion that some U.S. officials, for whatever reason, are intentionally impeding innovation within their borders.
Claiming that LBRY loans, which are the epitome of versatile and programmable money, are indistinguishable from your traditional investment vehicles is an extremely thin interpretation of the Howey test, which the SEC continues to use as a major weapon in its war on digital assets.
There was no fraud here. Nobody complained. So who is the government really trying to protect?
Sorry for the choice of words, but it seems that many do not understand the broader implications of this matter.
If LBRY is sued, it would literally jeopardize the future of all cryptocurrencies, including Bitcoin and Ether.
The mere fact that Securities and Exchange Commission v. The fact that the Supreme Court’s Howey Co. decision from more than 70 years ago is still used as a deciding factor in the courts should give us an idea of the power of the common law.
Judges are usually guided by their previous decisions in similar cases, so a negative decision in this case could make it easier for them to overturn any project involving cryptographic tokens. DeFi, unforced tokens (NFT), smart contracts, and just about everything except maybe Stables could be on the chopping block.
The big cave here is geography. In many countries, innovators like LBRY can thrive freely, even if they have to make special concessions because they do not accept American users.
No matter what they try, it won’t stop the revolution. It’ll just float out to sea. Network 3.0, the Internet of values, is inevitable at this point. LBRY will also continue regardless of the outcome of this case.
Americans may soon need a virtual private network (VPN) to access large parts of the Internet, just like the Chinese. Oh, wait… It’s already happened.
What can I do?
It’s very simple. Write to your MP and ask for their support. You don’t say.
Although you can do it, I think most of you won’t.
Fortunately, there is a much less intrusive way to show your support if you support the cause.
Just visit the website created for this purpose, namely helplbryswithcrypto.com.
There’s a great video on the homepage in which the great crypto-expert Naomi Brockwell explains the idiotic actions of the US regulators.
This FAQ is also worth reading, but more important is the change.org petition, which for some reason only had 15,000 signatures at the time of writing.
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