Cryptocurrency News TheBitTimes.com

Decentralized file-sharing network LBRY (LBC) filed a declaration of intent to challenge the accusations that the SEC had moved against it. In a Sept. 7 filing, LBRY’s legal counsel appealed to the United States Court of Appeals for the First Circuit. This Court’s final judgment was issued in July. The judge then declined to rule whether the sale of LBRY’s LBC tokens constituted an unregistered security offering. LBRY, a decentralized content platform, has been embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The regulator filed a civil lawsuit against LBRY in March 2021, alleging that the platform’s unregistered sales of LBRY Credits (LBC) constituted securities offerings. The SEC sought a $22 million disgorgement request and an injunction to halt any further LBC sales by LBRY. In November 2022, the SEC emerged victorious in the case, with the court ruling that LBC qualified as a security. LBRY, however, criticized the SEC’...

Crypto exchange Kraken has been asked by the Internal Revenue Service (IRS) through a federal court order to provide account and transactional information. According to the June 30 court filing, the IRS needs the information on Kraken accounts that traded at least $20,000 of a cryptocurrency over a year, which applies to active users between 2016 and 2020.  Initially, the IRS had filed a petition on Kraken in the Northern District of California in February. This petition case, shortly after the exchange had settled charges the U.S. Securities and Exchange Commission filed saying that it had violated securities law through its staking service. In the filing, the IRS said it had given Kraken a summons in 2021 but failed to comply. The Internal Revenue Service (IRS) in the US has issued a directive to #Kraken, requiring the exchange to disclose user information for individuals who conducted transactions exceeding $20,000 within the period of 2016 to 2020. pic.twitter.com/612jYjUhO...