Ripple Triumphs as SEC Drops Charges, But SEC Forces Smaller LBRY to Shut Down
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Ripple scored a major legal win as the SEC dropped charges against executives, but crypto platform LBRY shut down after losing its appeal against the regulator.
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LBRY aimed to build a decentralized YouTube alternative but was sued by the SEC in 2021 for alleged securities violations.
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After being fined just $111k instead of $22 million, LBRY still decided to terminate operations, citing SEC debts.
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Some commenters argued LBRY lacked the capital to continue fighting the SEC like Ripple, showing the advantage of "big whales."
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Despite the charges being dropped, legal experts say Ripple still faces further litigation with the SEC over appropriate penalties for XRP sales.