LBRY went on Twitter to call out the Judge presiding over their case against the SEC.
The judge on the SEC vs LBRY case works part-time and can take as long as he wants.
An elderly part-time employee that doesn't understand blockchain will be determining the future of it for all of America.
That's just how it works and there's not much we can do about it.
— LBRY 🚀 (@LBRYcom) October 18, 2022
On the 18th of October 2022, LBRY posted the tweet after the judge passed the deadline without providing any response. With the current SEC vs. Ripple case ongoing, many believe that the judge is waiting for precedent to make a decision in his own LBRY vs. SEC case.
The case started on the 29th of March 2021 when SEC sued LBRY, claiming that their utility coin LBC is a form of security, which they are operating without a license.
LBRY is a blockchain project focused on decentralized file-sharing and payment, allowing content creators complete control over their content algorithm and audience.
The creator of LBRY also launched Odysee, an open source video sharing platform that has been dubbed the new YouTube. The LBRY ecosystem isn’t just for content creators. It also allows developers to key in and build decentralized applications.
With the aid of LBRY, the censoring, piracy, and distribution of a creator’s content is impossible without the Creator’s permission. Unlike centralized platforms like YouTube, the content isn’t housed in a private database but shared across the network, and the LBRY community controls the ecosystem.
In this case, the LBC or LBRY credits are the units of distribution in the LBRY ecosystem. The LBRY system uses the proof-of-work protocol to create these LBC tokens, which is scheduled to span a total of 20 years resulting in the creation of 1 billion LBC in total.
Now, the SEC is deploying a lot of resources to their planned crackdown in a monumental suit that can set a precedent for the crypto space. If they succeed in this case, every crypto project will possibly be forced to register, defeating the aim of decentralization. Because of the high stakes involved, the public response to LBRY’s tweet is mixed.
While some are in support, others are requesting that the project be cautious, as each misplaced tweet could ruin the development and freedom the crypto space is currently enjoying.
