XRP Community Supports Hester Peirce’s Critique of LBRY Lawsuit
The Chief Legal Officer (CLO) of Ripple Labs, Stuart Alderoty, took to the X app to show appreciation for SEC Commissioner Hester Peirce’s condemnation of the “injustice” in the LBRY lawsuit. In a statement of dissent, Peirce expressed her concerns over the SEC’s enforcement actions against crypto exchanges like Ripple, LBRY, Kraken, Binance, and Coinbase.
LBRY, a blockchain-based file-sharing and payment network, was found guilty of violating the Securities Act of 1933 in July. As a result, LBRY was permanently restrained from participating in unregistered crypto asset securities offerings. After two months of silence, LBRY decided to appeal the final judgment but later withdrew their appeal.
The XRP community showed strong support for LBRY during the litigation process. However, the lawsuit concluded in favor of the SEC, leading LBRY to shut down its operations due to financial liabilities and pressure from the SEC. The company’s assets will be placed in receivership to satisfy its debts.
Hester Peirce expressed her disappointment with the outcome and criticized the SEC’s enforcement-driven approach to crypto. Crypto enthusiasts, including Ripple CLO and John E. Deaton from CryptoLaw, praised Peirce for her outspoken criticism and suggested filing an amicus brief against the SEC in the future.
In conclusion, Hester Peirce’s critique of the LBRY lawsuit has garnered support from the XRP community and highlighted concerns about the SEC’s enforcement actions in the crypto industry.
Hot Take: XRP Community Supports Hester Peirce’s Critique of LBRY Lawsuit
The XRP community and Ripple Lab’s Chief Legal Officer (CLO) Stuart Alderoty expressed their support for SEC Commissioner Hester Peirce’s condemnation of the LBRY lawsuit. Peirce, in her dissenting statement, raised concerns about the SEC’s enforcement actions against various crypto exchanges, including Ripple and LBRY. The LBRY lawsuit resulted in the company being permanently restrained from participating in unregistered crypto asset securities offerings.
Peirce’s criticism of the SEC’s approach to crypto enforcement resonated with many crypto enthusiasts, including Ripple CLO and John E. Deaton from CryptoLaw. They believe that filing an amicus brief against the SEC in the future could be a significant step forward. The outcome of the LBRY lawsuit has brought attention to the consequences of the SEC’s enforcement-driven approach and its impact on innovation and investors.
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