Mati Greenspan, a well-known cryptocurrency market analyst, warns that US Securities and Exchange Commission (SEC) indictment against LBRY could “threaten the future of all crypto”
The founder of Quantum Economics and former analyst at eToro calls the SEC’s stance not exactly crypto-friendly in a newsletter published April 8:
LBRY is a content platform for videos, music and books built with blockchain technology. It is a kind of YouTube, but decentralized. The SEC accuses LBRY of illegal sale of securities with LBRY Credit tokens.
In that sense, the indictment is somewhat similar to the SEC’s lawsuit against Ripple (XRP). The consequences of the LBRY lawsuit could be huge for the crypto industry, according to Greenspan:
“Should the court be a party to LBRY, it would literally call into question the future of all cryptocurrencies, including Bitcoin and Ether.”
This is because a ruling in this case may set a predecent for future cases and judges tend to replicate previous rulings in similar cases.
Not only is it clear that the project’s only crime was founding in the United States, this case also lends credence to the suspicion that, for whatever reason, some US officials are deliberately discouraging innovation within their borders. Although they try, it will not stop the revolution. It will only chase it abroad. ”
Greenspan directs readers to take a look at helplbrysavecrypto.com. The analyst does not comment on the Ripple lawsuit. Yesterday, XRP fans filed a petition against the SEC over that lawsuit.