SEC Commissioner Hester Peirce expresses concerns over the lack of clarity and difficulties faced by companies like LBRY in registering their functional token offerings. Peirce questions the effectiveness of the current regulatory approach and emphasizes the importance of compliance for investors. Her remarks come after LBRY announced its shutdown following SEC charges for selling unregistered securities.
Peirce stated that there is no clear path for companies like LBRY to register their functional token offerings.that despite the SEC’s claims of clarity in applying securities laws to token projects, the reality is quite the opposite.
She noted that even if a company managed to register its token offering, it might not yield significant benefits. Peirce emphasized the importance of compliance for investors but voiced her doubts about the effectiveness of the current regulatory approach.These remarks from Commissioner Peirce come after LBRY disclosed its decision to cease operations. The startup faced SEC charges for selling unregistered securities and had reportedly received over $11 million in U.S.
However, the startup later changed its course and abandoned the appeal. As a result of mounting debts to the SEC, its legal team, and a private debtor, LBRY announced that its assets, including the Odysee platform, were being placed into receivership.
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