Crypto Market News: Responding to the news of the U.S. Securities and Exchange Commission (SEC) deciding to revise the penalty in the LBRY lawsuit, XRP lawyer John Deaton said the agency did not care about individual investors when it sued the company. In the SEC’s supplemental brief on remedies submitted with the US District Court of New Hampshire, a part of the revised remedies was decided to be a civil penalty of $111,614. Explaining the reason for revision of remedies, the Commission cited LBRY’s inability to pay the initially set penalty of $22 million.
“SEC Failed To Clarify On LBRY”
Deaton, the attorney who represents the more than 70,000 XRP token holders in the SEC lawsuit, said the agency failed to protect a single investor. He said the SEC refused to clarify despite the agency’s lawyers accepting that a majority of the LBRY users did not acquire an investment. He further used the phrase “shame on you” addressing SEC Chair Gary Gensler’s alleged failure to protect LBRY users.
“If the SEC cared at all about individual investors and users of the LBRY platform it would have agreed to address the issue of secondary sales. Instead, the SEC refused to provide clarity although its lawyers agreed most users didn’t acquire an investment. The SEC is a disgrace.”
The criticism surrounding the LBRY remedy revision comes at the back of SEC Chair Gary Gensler’s grilling by lawmakers during a hearing by the House Financial Services Committee.
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