This may be the most important fight we've had in the world of crypto thus far. Everyone can lend a hand, and some of you can do more... so let's HELP LBRY SAVE CRYPTO, shall we?
The stakes are getting higher with each challenge posed to the cryptocurrency industry, and this new effort by the Securities and Exchange Commission in the United States is about as dangerous as we've yet seen.
The brief outline on the LBRY petition landing page informs us that "The SEC is advancing an aggressive and disastrous new standard that would make almost all blockchain tokens securities". This distinction is not uncommon when the established players are looking to curtail the access of private individuals to certain financial instruments.
The Death of Crypto
It's not hard to imagine what the implications of that decision would mean... every coin and token would need to be accounted for (and taxed) and all non-custodial applications will be burned at the stake (along with their proponents). True privacy coins would be outlawed, with heavy penalties imposed for non-compliance.
"Under this new standard", the warning continues on the PETITION PAGE, "almost any token is a security, including the previously safe Ethereum."
So let's DO SOMETHING ABOUT IT! There are more of us than we (or they) realize, and we are passionate about this financial and technological renaissance we've gotten wrapped up in. We are a mostly sophisticated and eloquent community that can affect real, measurable change!
Go to the LBRY PETITION right now and do one or both of these things: SIGN THE DAMN THING, and donate as much as you can to help spread the word... and put the fear of God in the hearts of bankers and regulators everywhere!
Don't stress about the amount you give though... your signature is the most important thing you can give. I could only donate $5 myself, and I'm supplementing my poverty with a bit of quality content to help shine a light on the proceedings. Every little bit counts, so don't underestimate your own contribution.