The SEC has drastically dropped the amount it's seeking from LBRY in its successful case against the firm, citing LBRY likely can’t pay the millions in penalties.
. It asked for $22 million in disgorgement and for the court to order LBRY to halt any further LBC sales.The SEC said the smaller penalty was a compromise between “the need to balance the deterrence from a penalty with LBRY’s inability to pay.”the SEC’s request for $22 million wasn’t reasonable as it was “vastly” overstated and failed to “deduct any of LBRY’s legitimate business expenses.”
LBRY said the SEC’s calculation of the sum was “based on rough, back-of-the-envelope math” and the amount it sought was “simply not supported by the record.”
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