Ripple ally v. SEC: Regulator withdraws request for disgorgement, here's what happened RippleXRP XRPArmy XRPCommunity XRPHolders
Per the brief, the SEC stated,"Notwithstanding the availability of disgorgement as a remedy in this case, the commission, considering the information and sworn testimony received during the supplemental discovery period, withdraws its request for disgorgement because of LBRY's lack of funds and near-defunct status."
The Commission has, however, requested the court order a civil penalty of $111,614 and enjoin LBRY from violating Section 5 of the Securities Act and from conducting unregistered offerings of crypto asset securities, at least until LBRY destroys its holdings of LBC and dissolves, as it promised the court it would.
LBRY lost its lawsuit with the SEC, and the regulator moved to impose a penalty equal to LBRY's full pecuniary gain of $22,151,971. The SEC claimed that LBRY's gross receipts for its Section 5 violation equaled the value it received in exchange for its sale of 280 million LBC from its premine and market-making activity on multiple crypto asset trading platforms, which was over $22 million.
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