On the 10th of February 2023, LBRY went on Twitter to share that the crypto space making the SEC irrelevant is the best revenge.
The greatest revenge the cryptocurrency space can get on the SEC would be to make them completely irrelevant.
— LBRY 🚀 (@LBRYcom) February 10, 2023
LBRY is a file-sharing and payment project built on the blockchain. The project uses distributed ledgers to track every account’s state and history. With the history of the SEC Vs LBRY case, LBRY went on Twitter to state that the crypto space can render the SEC irrelevant, using that as the greatest revenge the space can get on the SEC.
It believes that since the Patriot Act was signed, the SEC stopped working for the good of the citizens and has been working on expanding their wealth and influence. Since the crypto space is a unique decentralized, self-custody-focused space, the way forward should not be centralized regulation but self-regulation.
If crypto companies and projects banded together to create their unique regulatory framework with competence and ethicality in view, there would be little to no need for centralized regulation from the SEC or any other regulatory body. This would allow the industry to transition into self-regulation and uphold innovative growth.
The SEC is an agent that’s only relevant in the United States, while the crypto space has taken off adoption in multiple parts of the world. With Asian and African adoption on the rise, the SEC can only try to attack US-based entities while other countries and continents lead the way to crypto innovation.
Due to a massive distrust for the government, a lot of players in the crypto space do not believe in the SEC or find their actions relevant as they are not seen as regulators but as government entities focused on extorting crypto companies and projects for fines, whiles allowing blatant fraudulent activities go unpunished. If they intended to regulate the space properly, their active efforts would be focused on analyzing and preventing fraud projects instead of taxing massive returns.
In response to LBRY’s tweet, the aim of the crypto space is a lot bigger than just making the SEC irrelevant. The aim is to go after the banks and the government. To decentralize governance and financial activities until even the government has little impact on the citizens’ daily lives.
Others are inclined to believe that the only way the SEC can be irrelevant is if Congress strips them of their powers and fires Gary Gensler, which might not happen anytime soon.
