By Tyler S. - Crypto Broker - 09-04-2021
Mati Greenspan, who is the founder of Quantum Economics, has recently turned some heads and raised concerns about the impact of the SEC's case against LBRY on the cryptocurrency market.
Greenspan, a financial analyst and participant for investing in cryptocurrency has cautioned the crypto community that the US Securities and Exchange Commission's most recent action against LBRY may jeopardize the entire crypto market. SEC has filed a lawsuit on March 29, accusing decentralised platform LBRY of offering and selling millions of dollars in illegal securities using LBRY credit tokens.
LBRY is a decentralized file sharing and payment platform that uses blockchain technology for security. The company has since fought against the SEC's allegations, stating that the LBRY tokens are utility focused. Greenspan has stated in today's newsletter that’s been titled "Don't let them kill crypto," revealing that in the event the SEC's lawsuit against LBRY is successful, there could only be major consequences.
Greenspan has said that LBRY’s only ever offense was establishing itself in the United States, and he told Cointelegraph that the case exemplifies the United States' strange approach to what is forward-thinking innovation. While the Israeli-based commentator does not believe an SEC victory would stifle progress in the crypto industry as a whole, he believes it would in the United States.
LBRY has filed a countersuit against the SEC, claiming that while the SEC’s claims against the company that “Credits have no use other than speculation,” the credits actually allow users to tip, post, buy, and improve content on the website, and the company “at no time indicated that LBRY Credits were an investment, and consistently discouraged purchasing Credits for this purpose.”
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
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