Jeremy Kauffman exhibited contempt for SEC during its lawsuit against the regulator reaching a critical point. Jeremy Kauffman, CEO of LBRY, called out Messari’s Securities and Exchange Commission at Mainnet as the file-sharing network is under scrutiny by the regulator.
In March last year, the SEC accused of selling unregistered securities. The Commission questioned $11 million in funding from the sale of LBRY Credits. These credits are used to upload files and pay on the blockchain-based platform, but were available for sale prior to the creation of the network.
The SEC viewed LBRY Credits (or LBRY Credits) as investment contracts based on the assumption that tokens would appreciate in value once they were purchased.
Kauffman stated that the company has been fighting the SEC for almost five years. A federal judge will soon weigh in to decide if a full trial is required.
CEO of LBRY says they have been fighting the SEC for over 5 years
According to him, the verdict will also have wide-reaching consequences for other companies. It will set a precedent for companies that have raised funds through an initial coin offer or ICO.
He stated that “the facts in this case would basically be applicable to every company within this room.” “The SEC has clearly demonstrated that they want to destroy or damage the cryptocurrency industry in America.”
The CEO was not only verbally critical of Commission but he also wore a shirt on that day that visually condemned the regulator.
Kauffman, despite being under pressure from regulators has stepped into politics with the goal to be elected this year. If elected, his top priority will be to bring more attention the cryptocurrency scene.
Kauffman, who represents the Libertarian party in New Hampshire, is currently on the New Hampshire ballot. He hopes to become one of New Hampshire’s next U.S. Senators.
Crypto advocates have hosted pro crypto campaigns
A few cryptocurrency advocates have tried to host campaigns in New England, such as Bruce Fenton or Brock Pierce, but they have not been able to secure a seat.
Fenton lost his Senate campaign earlier this month, and Pierce did not make it onto the Vermont ballot. Keith Ammon, a New Hampshire representative who was reelected in 2020 has a track record supporting the industry.
Kauffman stated, “You can send him a procrypto bill. It will be introduced at the next session.” Kauffman stated that blockchain can only be legalized if we get elected.
Kauffman believes his file-sharing platform is somewhat similar to libertarian ideology in terms of how people feel about politics and social networking. He stated, “People get tired of these bureaucrats – these middlemen making these decisions for us.”