This year has been harsh for all crypto enthusiasts. However, we had plenty of good news stories focusing on many corporations and nations that want to adopt crypto. It seems that the future of the industry is already secured, but some governments and agencies are still out for blood and trying to do everything to undermine blockchain projects.

LBRY was charged with the selling of unregistered securities

Jeremy Kauffman, the CEO of LBRY, has been quite vocal about the involvement of the SEC in crypto affairs on the national level. The company is still battling against the SEC and has been trying to make a case that the company is offering tokens as utility components of the service. However, the federal agency claims that people are purchasing tokens not to pay for file-sharing, but to reap profits somewhere down the line.

Kauffman says that he wants federal judges to declare the stance of the US government and decide whether the case should go to court. On the other hand, the outcome of any legal battle will affect the whole industry. Many companies offer their utility tokens to fund the development and support of their ecosystems. However, some are being used on the speculative market as assets that can be traded back and forth.

It does not remove the utilitarian value of these tokens. If you have a car and it somehow appreciates over time due to scarcity or other reasons, you still don’t consider it a security. It is an item that has utility and can be driven around, but it has a market value that increases and you can sell it for profit.

Kauffman voices the opinion of the whole industry

With many other cases launched by the SEC, it is clear that the agency has a very dangerous agenda. Jeremy Kauffman did not try to pull punches and said that the SEC wants to destroy the cryptocurrency industry in the US.

However, it is unlikely that it will be able to. Ripple has recently hinted at positive developments in its case against the SEC. Agency’s attacks on the Ethereum network won’t be effective either.