Support for SEC Commissioner’s Stance on LBRY Lawsuit
The chief legal officer of Ripple Labs, Stuart Alderoty, and members of the XRP community have expressed their support for SEC Commissioner Hester Peirce’s position on the LBRY lawsuit. Alderoty thanked Peirce and suggested that in cases of perceived injustice, it may be necessary to raise concerns more vocally and promptly, even submitting an amicus brief to address the issue.
Dissenting Statement by Commissioner Peirce
On October 27, SEC Commissioner Hester Peirce issued a dissenting statement regarding the LBRY lawsuit. She emphasized that the commission has recently taken enforcement actions against several cryptocurrency exchanges, including Ripple, LBRY, Kraken, Binance, and Coinbase. However, due to ongoing litigation, she couldn’t discuss the specifics of the LBRY case.
LBRY Lawsuit Outcome
In July, LBRY was found to have violated Section 5 of the Securities Act 1933. As a result, the platform was permanently prohibited from engaging in unregistered cryptocurrency securities offerings involving its native token. Initially, LBRY sought to appeal the judgment but later decided to abandon the effort. The XRP community supported LBRY throughout the legal process but ultimately closed down due to financial burdens and regulatory pressure.
Call for an Amicus Brief
John E. Deaton, a pro-XRP lawyer, responded to Commissioner Peirce’s statement by suggesting the submission of an amicus brief. Deaton believes that someone with insider knowledge should speak out in court just as individual holders expressed their views during the legal proceedings. Deaton had previously criticized the SEC’s actions against LBRY for causing financial distress. His viewpoint aligns with Commissioner Peirce’s perspective on the matter.
Hot Take: Ripple CLO and XRP Community Show Support for SEC Commissioner’s Stance on LBRY Lawsuit
The chief legal officer of Ripple Labs, Stuart Alderoty, and members of the XRP community have expressed their support for SEC Commissioner Hester Peirce’s position on the LBRY lawsuit. They believe that when injustices occur in non-fraud cases, it may be necessary to disregard standard protocols and raise concerns more vocally and promptly. They also suggest the possibility of submitting an amicus brief to address such issues. This aligns with Commissioner Peirce’s dissenting statement, where she emphasized the recent enforcement actions taken by the SEC against various cryptocurrency exchanges. The outcome of the LBRY lawsuit, which resulted in the platform shutting down, has sparked calls for further action and support from the crypto community.
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