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Investing.com – This is how the blockchain and cryptocurrency giant described it as a violent and catastrophic complaint.
A new US Securities and Exchange Commission lawsuit could threaten the cryptocurrency industry in the United States of America and possibly overseas.
These negative repercussions were reflected in the performance of the major currencies, which began trading on Wednesday with strong rebounds before abandoning them.
Bitcoin lost, during these times, 2% of its value, dropping from near the $ 60 thousand levels to the $ 58.2 thousand levels, bringing the market value to $ 1.085 trillion.
As it fell 1.7%, to levels of $ 1.81 thousand, bringing its market value down to $ 208 billion.
And the lost gains were around 5% at the start of the session, to trade with a marginal rise that does not exceed 0.01% to levels of $ 296.8.
It fell 4.27% to $ 1.18, while it was down more than 5%, to $ 0.55.
Blockchain Libre Inc. said it was under attack by the United States Securities and Exchange Commission for selling unregistered securities.
Blockchain company Libre Inc. says the case could set a precedent that would affect much of the industry.
About 6,700 people have asked the Securities and Exchange Commission to drop the case and set clear standards for the digital currency industry in the United States.
the beginning
The SEC took an interest in the blockchain-based Libre publishing platform in a three-year investigation that began in May 2018.
The Securities and Exchange Commission made a claim alleging that the platform sold unregistered securities through several methods, including to institutional investors and platform users, between 2016/2020.
The regulator is seeking a permanent court order to prevent the company from selling more tokens, canceling all interest-bearing funds and paying an undisclosed amount in civil fines.
Reply
Blockchain Libre Inc. responded to the SEC, saying its complaint threatens much of the cryptocurrency field because it will recognize most tokens as securities.
Libre has developed a decentralized video sharing platform called Odyssey that allows viewers to earn cryptocurrency by watching videos and creators to earn Libre credits for their work.
Since 2016, 13 million LBC tokens have been sold for $ 5 million in.
The SEC said the total amount raised was $ 11 million, including US dollars and the services of buyers who participated in its offering.
According to Libre, although it did not make an initial coin offering (ICO) and the SEC did not claim fraud, the authority rejected its settlement attempts.
Refusal
The SEC declined to provide terms that would allow U.S. citizens to exchange tokens or allow Libre Inc. to continue to operate.
Libre said he was fully prepared to make a settlement, but the Securities and Exchange Commission was aiming to suspend the company, not to settle.
Libre added that the Securities and Exchange Commission was moving fast and setting a catastrophic new standard that will make almost all blockchain tokens secure.
nightmare
Libre said that classifying all actively developed blockchain tokens as securities would be a bureaucratic nightmare for residents of the United States and companies operating in the United States.
And while the authority told Libre that she couldn’t advise on it and could only say she was breaking the law.
Libre said it will pay off in business without being affected as the work system is completely decentralized with hundreds of people on six continents, most of whom are not employees of Libre.
And at the end of December 2020, Ripple, the sixth largest cryptocurrency by market value, was hit by the United States Securities and Exchange Commission.
The Securities and Exchange Commission has commissioned Ripple, which is linked to the cryptocurrency XRP, to lead a $ 1.3 billion unregistered securities offering.
The authority said at the time that Ripple was a security, not a cryptocurrency, after which Coinbase, the largest cryptocurrency exchange in the United States, closed trading on XRP.
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