LBRY Unable to Resolve with SEC

There is no common ground in the solutions the SEC has made with the peer-to-peer content distribution network LBRY.

After LBRY lost its lawsuit against the SEC, LBRY submitted a settlement proposal to the SEC on November 25, following a situation conference on November 21.

Following the submission of the settlement proposal, both parties met on November 29 to discuss terms, but failed to resolve the terms of the settlements requested by the regulator.

SEC Penalty of $22 Million to LBRY

The SEC and LBRY cannot agree on the limitation of court-approved remedies.

LBRY requested an expedited briefing schedule to limit the remedies requested by the SEC, citing its financial circumstances, and this request was upheld by the court. During this time, the scope of SEC resolutions was not made public. According to recent documents, this is now coming to light.

In a document attached to James K. Filan’s tweet, the SEC claims that “a penalty equal to the full amount of LBRY’s $22,151,971 financial gains is fair and reasonable under these circumstances.” LBRY is expected to respond soon to this SEC request, which is equal to its earnings.