<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/news/ripples-clo-and-xrp-community-support-sec-commissioner-hester-peirces-lbry-lawsuit-dispute/">Ripple’s CLO and XRP Community Support SEC Commissioner Hester Peirce’s LBRY Lawsuit Dispute</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>Stuart Alderoty, Chief Legal Officer of Ripple Labs, and critical members of the XRP community have endorsed SEC Commissioner Hester Peirce’s criticisms of what she considers to be “<a href="https://www.sec.gov/news/statement/peirce-statement-lbry-102723" rel="noopener noreferrer nofollow">misguided enforcement-driven approach to crypto</a>” by the regulatory body.</p>
<p>Alderoty took the opportunity to thank Peirce for her disagreeing the views on the SEC’s actions against LBRY, a blockchain-based file-sharing and payment network. Suggesting a deviation from standard protocols, Alderoty proposed an amicus brief—a legal document submitted by non-litigants with a strong interest in the case—to tackle the issue.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Thank you Commissioner. When you see injustices like this continue in non-fraud cases (while consumers wait for recourse from actual frauds) perhaps it’s time to let ordinary rules of protocol go by the wayside and speak out louder and sooner? Perhaps even with an amicus brief?</p>— Stuart Alderoty (@s_alderoty) <a href="https://twitter.com/s_alderoty/status/1718001165571383550?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 27, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Peirce, often dubbed ‘Crypto Mom’ for her progressive stance on cryptocurrency regulation, issued a detailed dissent on October 27, criticizing the SEC for its actions against LBRY. The platform was found in violation of Section 5 of the Securities Act of 1933 and was subsequently barred from any further unregistered securities offerings involving its native token.</p>
<blockquote class="wp-block-quote">
 <p>The SEC commissioner expressed her frustration over the commission’s approach, especially in light of many ongoing crypto fraud cases that are yet to be resolved. “The Commission’s requested remedies were entirely out of proportion to any harm,” she stated.</p>
</blockquote>
<h2 class="wp-block-heading" id="strong-the-xrp-community-steps-up-strong"><strong>The XRP Community Steps Up</strong></h2>
<p>Pro-XRP lawyer John Deaton also agreed with Alderoty’s call for an amicus brief. Deaton emphasized that the <a href="https://twitter.com/JohnEDeaton1/status/1718007685684097277" rel="noopener noreferrer nofollow">voice of 75,000 individual token holders</a> should resonate in the courtroom, advocating for a more informed and insider perspective.</p>
<blockquote class="wp-block-quote">
 <p>“The SEC’s conduct isn’t just disconcerting; it’s disheartening for innovators in a field that promises to revolutionize everything from finance to governance,” Deaton explained.</p>
</blockquote>
<h2 class="wp-block-heading" id="h-the-fall-of-lbry-a-cautionary-tale"><strong>The Fall of LBRY: A Cautionary Tale</strong></h2>
<p>LBRY, which had built a functional blockchain with real-world applications, ultimately shut down due to what it cited as “<a href="https://odysee.com/@lbry:3f/theendoflbryinc:d" rel="noopener noreferrer nofollow">financial burdens and regulatory pressure</a>.” Its demise is a cautionary tale for other crypto platforms caught in the confusing web of U.S. securities laws.</p>
<p>This endorsement from Ripple’s CLO and the XRP community is significant, given Ripple’s ongoing lawsuit with the SEC. As Alderoty and Deaton suggest, perhaps it’s time for the crypto community to take the law into its own hands—via the courts, of course.</p>

Ripple’s CLO and XRP Community Support SEC Commissioner Hester Peirce’s LBRY Lawsuit Dispute

Table of Contents

CoinPedia News

Other articles published on Oct 28, 2023

Expert Says ‘Chainlink Is Killing It’ as LINK Faces Final Major Resistance

South Korea’s Crypto Frenzy: Altcoins Trump Bitcoin Among 6 Million Investors

Galaxy Digital; Led by Mike Novogratz – Betting Big on Bitcoin and Ethereum: Lookonchain

WEMIX enters into strategic partnership with Chainalysis

ChartAI Joins NVIDIA Inception

Ripple’s Swell Event Sparks IPO Speculation: What Does This Mean for XRP?

Join our free newsletter for daily crypto updates!