Stuart Alderoty, the Chief Legal Officer of Ripple Labs, and the XRP community have shown their support for SEC Commissioner Hester Peirce’s stance on the LBRY lawsuit. Alderoty expressed gratitude towards Commissioner Peirce and suggested that in cases of perceived injustice, it may be necessary to disregard standard protocols and raise concerns more vocally and promptly. He even proposed the idea of submitting an amicus brief to address the issue. Commissioner Peirce issued a dissenting statement regarding the LBRY lawsuit, emphasizing the commission’s recent enforcement actions against cryptocurrency exchanges. LBRY, a blockchain-based file-sharing and payment network, was found to have violated the Securities Act of 1933 and was permanently barred from engaging in unregistered cryptocurrency securities offerings. The platform initially sought to appeal the SEC’s judgment but later abandoned the effort. The XRP community supported LBRY throughout the legal process, but with the litigation concluding in the SEC’s favor, LBRY decided to shut down due to financial burdens and regulatory pressure. Pro-XRP lawyer John E. Deaton suggested submitting an amicus brief in response to Commissioner Peirce’s statement, believing that someone with insider knowledge should speak out in court. Deaton disapproved of the SEC’s actions against LBRY, which he believed caused financial distress. Commissioner Peirce’s perspective aligns with Deaton’s sentiment.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Stuart Alderoty, Hester Peirce, John E. Deaton |
| Companies | LBRY, Securities Exchange Commission (SEC), Coinbase, Kraken, Binance, Ripple Labs |
| Currencies | XRP, LBRY Credits |
| Securities | None |
