Ripple Ally Requests “Modest” Civil Penalty From The Court

Key Points:

• In a recent court filing, the cryptocurrency startup LBRY alleges that the U.S. Securities and Exchange Commission’s request for remedies demonstrated a “complete disregard” of the facts regarding the potential for future securities violations by business members.
• They contended that the $22 million disgorgement amount sought by the SEC was not supported by concrete data about profits brought on by LBRY’s infractions.

In a recent court filing Ripple, the cryptocurrency startup LBRY alleges that the U.S. Securities and Exchange Commission’s request for remedies demonstrated a “complete disregard” of the facts regarding the potential for future securities violations by business members.

LBRY has requested that the court reject the SEC’s request for an injunction and disgorgement in favor of a less severe civil penalty. The defendants contend that the SEC is confusing LBRY and Odysee, two businesses carrying out separate operations, in their filings.

Furthermore, they contended that the $22 million disgorgement amount sought by the SEC was not supported by concrete data about profits brought on by LBRY’s infractions.

LBRY has not requested injunctive relief or disgorgement, simply a tiny first-tier civil penalty. LBRY submitted a motion to restrict the SEC’s remedies earlier this month. Early in November, the Ripple ally’s lawsuit against the SEC was unsuccessful.

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