SEC proposes reducing LBRY's $22M fine to $111K.

The SEC has requested to reduce the $22 million penalty on crypto startup LBRY to $111,614, citing the company's "lack of funds and near-defunct status." The SEC had previously sued LBRY for violating securities laws by selling its native LBRY credits (LBC) without registering with the SEC. LBRY's founder has argued that this case could impact the wider crypto industry as the company maintained that LBC was not a security. The SEC's request also argued that LBRY should be "enjoined" until it dissolves the company and burns LBC tokens.