Decentralized content platform LBRY: SEC may fine it $20 million, and the company could go bankrupt

ChainCatcher news, the decentralized content platform LBRY tweeted that the company "has been choked by U.S. laws and debts," and may go bankrupt in the near future, but the LBRY protocol and blockchain will continue to exist. Additionally, LBRY Inc. CEO Jeremy Kauffman stated that they have not yet received a specific fine amount from the SEC, but it is estimated to be $20 million.

The SEC sued LBRY in March 2021, accusing the LBC token of being a security and that the company sold them without registering with the agency, violating securities laws. LBRY subsequently countered that the LBC token is not a security; in November of this year, a judge in New Hampshire ruled that LBRY violated securities laws. (source link)