LBRY Stands By Controversial Tweet In Court, Slams SEC As Unfair – Coinpedia Fintech News

John E. Deaton, a cryptocurrency attorney, has disclosed that the attorneys representing the U.S. Securities and Exchange Commission (SEC) have been using tweets from both himself and LBRY in court hearings. The case between LBRY and the SEC is still ongoing. 

However, according to Deaton, when the judge read the tweets, he chuckled and admonished the SEC’s attorneys for taking the tweets and statements too seriously. 

The specific tweet, posted by LBRY, emphasized the need for businesses to conceal their actions from U.S. regulators, as the company had previously tried to be transparent with the SEC but with unfavorable results.

LBRY said that it stands by its statement, and that it hasn’t met a single fair actor in the SEC’s team, only “liars” and “psychopaths.” 

In LBRY’s words:

“Hide absolutely everything you can from them (legally) and never cooperate or talk to the SEC.”

SEC At Fault?

According to Deaton’s remarks, Judge Barbadoro expressed empathy towards LBRY’s frustration in the case. He stated that there was no evidence of fraud or deceit and that LBRY conducted all its operations openly during a time when the SEC’s regulation of non-ICO matters was uncertain.

The judge recognized the significant effort and investment the defendants had put into LBRY but acknowledged that they had made a mistaken assumption. He rejected the notion of fair notice, and instead, emphasized that the SEC must take responsibility for its failure to provide clear guidance in the cryptocurrency industry.

Source: Read Full Article