Company is dead, assuming the protocol and community/devs is as decentralised as it’s supposed to be, this shouldn’t be a HUGE issue
The corporation is dead. The network can survive.
This is going to be an interesting experiment on the supposed decentralization of many of these networks. Corps that maintain some of these have folded before, but they were all either scams or barely used. LBRY is actually widely used, so we can get a real world example of how these sorts of things turn out.
the one web3 thing i thought was good..
The world is slightly worse without lbry. Oh well, they should have banned USA users from the beginning.
In a nutshell, this is the same as to what Ripple / XRP has been accused of, the difference being that Ripple had better lawyers and probably more money, than LBRY.
https://en.wikipedia.org/wiki/LBRY
> The SEC alleged that LBRY, Inc. had sold LBRY credits (LBC) to fund their work without registering them with the SEC as a security, a violation of securities laws. In response, LBRY's CEO began a public relations campaign to gather support among blockchain and cryptocurrency enthusiasts, and to argue that the SEC had mislabeled LBC as a security. On November 7, 2022, the SEC won the lawsuit when Judge Paul Barbadoro of the United States District Court for the District of New Hampshire granted the SEC's motion for summary judgment. In 2023, LBRY was forced to close due to fines related to SEC fines.